Globalization is more than cheap labor and skewed trade

摘要

Mention globalization or free trade, and the first images that spring to mind these days might be Mexican truckers or 100 dollars-a-month laborers in China churning out goods at a fraction of the cost they could ever be made for in the United States. But that's only half the story. Some of the world's most successful foreign companies have been established in North America for many years, and in some cases are outperforming their domestic rivals on a level playing field-in the process proving there's more to globalization than cheap labor and skewed trade. There's no better illustration of this than the auto industry. Once the undisputed global leaders, U.S. automakers are now struggling to compete with the likes of Toyota, Nissan and Honda. The competitors might hail from overseas, but the battle is taking place right in our backyard. The "new domestics," as they are now known, have set up operations in the United States and are eager to stress that they are here to stay.