Paul Craig Roberts: Offshoring the Economy: Why the US is on the Road to the Third World

There is much of real truth in here. One needs to rise above riling to words such as “neoconservative”. Those of us in the independent private sector clearly recognise the decrease in rates for services; that there is a quiet but substantive shift away the “fully employed” model, to the “insufficiently occupied”. I fully believe in Globalisation, and its merits are available for all to see.

However, if we do support it we should also recognise that it is a race being run at differentiable speeds. The “west” was outsourcing production so it could move up the value added chain. We are slowly but surely being overtaken on the inside, as there is realisation that so many others can equally well do software engineering, and architecture…and orchestral composition. Of course there are the specialisms we excel at – but the pace of catch up is chastening. Look at South Korean and Indian films as a share of global movie revenue, compared to twenty years ago.

This also doesn’t include the adoption of “learning technology”: early applications of artificial intelligence, that already know when to execute trades’ in the financial markets – or find pertinent phrases in legal documents. Many “true” professions are being absorbed by their more reliable,  AI, counterparts.

The market for labour is adjusting, and we are struggling to keep up.

Paul Craig Roberts: Offshoring the Economy: Why the US is on the Road to the Third World – http://wp.me/p6OASR-fb

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About Damian Merciar
Damian Merciar is Managing Director of Merciar Business Consulting, http://www.merciar.com, a niche business economics consultancy founded in 1998. He has over twenty years experience in the areas of commercial Business Strategy. He is experienced in the transition environments of nationalized to private sector state utilities and the senior practice of commercial management, advisorial consultancy, and implementation. He has carried out policy advisory work for government ministries and been an adviser to institutional bodies proposing changes to government. He holds an MSc Economics from the University of Surrey’s leading Economics department and an MBA from the University of Kent. Also attending the leading University in the Middle East, studying International Relations and Language, for which he won a competitive international scholarship, and has a BA (Hons) in Economic History and Political Economy from the University of Portsmouth. He is currently based in London.

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