U.S. Is Winning Next Globalization

 

U.S. Is Winning Globalization’s Next Wave Without the Trade Wars

• McKinsey report points to a new phase of global integration
• Technology trumping labor costs in manufacturing decisions
   

  From Rust Belt America to Europe’s de-industrialized hinterlands, the focus of plenty of economic policy debates in recent years has been on globalization’s victims in the rich world and the political populism they have fed. But what if that’s yesterday’s story?

  In a new report researchers at the McKinsey Global Institute argue that even before President Donald Trump launched his trade wars the era of offshoring and disruption that left many factory towns in the advanced world reeling was over. They also predict that shifting trends in technology and manufacturing mean advanced economies including the U.S. may be in the best position to benefit from a new wave of globalization already underway.