I know that over the last 30-40 years many factory jobs or union jobs in the US were lost to outsourcing, and I know that today many car companies and other manufacturers get cheaper labor by opening factories in other countries. My question is, why did this all happen in one giant wave around the same time? Did some kind of law/regulation change to make this more doable for companies? Or is it just because the world became more globalized in general?
In: Economics
If you had been around in the 60s you would have been used to Made in Japan stickers being as common as Made in China stickers are today. After the end of WW2 the US reached out to Japan in a big way to help them rebuild but in a modern way. They needed work, we needed cheap labor. As more and more western money poured into their economy their standard of living elevated until eventually the only things we bought from them was cars and tech. Outsourcing is not new. We just change which countries labor pool our corporations exploit.
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