Rule-set resets in the global economy
“Putin Wins Business Fans: Russian Leader’s Firmness Makes Multinationals Confident,” by Gregory L. White, Wall Street Journal, 28 June, p. A9.
“Outsourcing Storm Benefits India: U.S. Debate Creates Buzz For High-Tech Bangalore; Accenture, Others Lured,” by Jay Solomon, WSJ, 28 June, p. A3.
“China Overtakes U.S. as Magnet For Foreign Direct Investment: Survey Finds Corporations Are Increasingly Attracted To Emerging Economies,” by Michael R. Sesit, WSJ, 28 June, p. A2.
A trio of stories that tell us how much change has occurred in the last few years. Russia’s Putin winning over international business, something many Russian experts said wouldn’t possibly occur for years beyond this date because “robber baron capitalism” was totally out of control. And yet this progress is being made, and this new pillar of the New Core stands taller with each year.
Ditto for India, which is simply too good a trade partner for the U.S. to ever turn away from, no matter the latest fad of “fear factoring” in the media. Year after year, America is the world’s biggest target of FDI, meaning we insource jobs more than anyone else, even as we outsource them. And there are plenty of good estimates that say we come out on top.
But wait a tick! China passes the U.S. as the world’s biggest target of FDI last year! Absolutely amazing! More signs of a changing global economy order. More signs of new rule sets emerging.