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Take the case of my country - our total trade dwarfs our GDP, we've run a trade surplus for the last nine years - but our exports are being made by companies with names like Intel, Seagate and Western Digital.
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True, I think it might take 10-15 years before the whole thing shakes out and the final result is seen. There are some US companies that are plainly not doing well, like GM and HP (cutting 10% of their global workforce) but others are the strong companies that they have always been. I also don't know what the net effect for the average person in terms of standard of living will be when it comes to being employed by an overseas subsidiary. E.g. Toyota in the US is behaving much like GM and Ford did in the past as a company employing a large number of people in industry and making products in factories. Apart from the fact that the profits go back to the company HQ in the home country, it looks like industrial production will continue in developed countries, even if the owners are overseas based. :?
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