Outsourcing in America

Paper Summary:

The paper begins by defining what outsourcing and globalization are. Next, it explains in detail the effects of outsourcing in America, including short and long term effects. It gives complex analysis of how different sectors of the economy will be affected including IT, labor and manufacturing. The paper uses outside sources including expert economists, presidential advisors and federal reserve bank quotations. The paper mostly covers the economic impacts but also briefly looks at politics to cover all of the bases. The paper concludes by saying that although outsourcing might result in some job losses at the outset, the overall benefit to the economy is huge and will undoubtedly help America remain competitive in future markets.

From the Paper:

"Quantifying the effects of outsourcing on the United States' economy is tough, but the McKinsey Global Institute has estimated that for every dollar spent on outsourcing to India, the United States reaps between $1.12 and $1.14 in benefits. This might not seem like much, but when you multiply that billions, the revenues add up very quickly. One of the hardest hit sectors of the economy, according to critics of offshore outsourcing has been IT, but according to Catherine Mann of the Institute for International Economics, even conservative estimates of the globalization of IT has boosted U.S. gross domestic product (G.D.P) by $230 billion over the past seven years."

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