GE on why Globalization is Good (and AMT is bad)
Anti-globalization activists have a litany of reasons why globalization is bad. Some arguments you can almost understand (exploits workers in Vietnam and Yak farmers in the Sudan) to the simply bizarre (globalization is a plot by a secret, shadow government that controls the world). One common anti-globalization theme has been promoted by the anti-globalists’ union allies has been that globalization is responsible for exporting U.S. jobs and thereby hurting American workers. This is one accusation that anti-globalization protesters might want to check out before trashing downtown Seattle again.
General Electric, a very global company, has gotten to the point that 49% of its business now occurs outside of the United States, exactly the kind of thing that spooks the anti-globalists and their allied unions as they tremble at the thought of all those lost American jobs. Well, it turns out that this has been quite good for GE’s American workers not bad. The average job at GE now pays double what it did 10 years ago at a time where average weekly raises have risen only 30%. Yes, that’s right. By moving lower skilled jobs to countries where workforces do not have the skills that American workers do, GE has been able to increase the number of skilled jobs in the U.S., especially higher-end intellectual capital development. And those “low paying” jobs that G.E. exported have actually paid higher salaries than jobs that were previously available to workers in those countries.
So anti-globalists, you are going to need to come up with a new argument to replace “hurts American workers.” I have an idea. How about the fact that the higher domestic productivity resulting from globalization ultimately pushes more American’s into AMT brackets? That’s one argument that will be hard to refute and which we wholeheartedly agree.
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