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How Wall Street Discovered Offshoring - BrainDump

To American IT workers, "offshoring" has become synonymous with "unpatriotic" and "unemployment." But for people in China, India, Singapore, and other countries where the corporations are moving their operations, "outsourcing" and "offshoring" are good news. "If it's the case that you're still in a developing country, you are one lucky person and should just stay right where you are."

  1. See You in Beijing
  2. The McDonaldization of the IT Industry
  3. How Wall Street Discovered Offshoring
  4. The Full Impact
By: Ian Felton
Rating: starstarstarstarstar / 21
August 26, 2004

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After one big company starts exporting high-tech jobs, so do all of their competitors, at least if they plan to stay in the game. And thatís what happened. Thatís what the country has to deal with today. We voted for the congress that created laws allowing free trade between American companies and workers in developing countries. We are a capitalist society, so when the accountants proved that American-owned companies could earn billions in profits by exporting, the government stepped in to make it legal.

The total annual cost of a programmer in China is $15,000 dollars. Thatís right, those guys in CS and Calculus class whose class average was 110, who left their families behind and traveled thousands of miles to come to America, to get an American diploma and start working for an American company just to make something of themselves, only cost $15,000 a year for an American company to employ as long as they are in China or India.

Itís common knowledge that education in America is lacking (at least in its public education system). Vast portions of the populace canít pinpoint the Pacific Ocean. Some of these people are the Ďsmartí Americans. While America is dumbing-down education since America is more concerned with entertainment and status, China is increasing education. In 1999, China graduated three times as many engineers as America.

As if that isnít enough of a glaring statistic that some Americanís should be wiping the smug look off their faces, the engineering graduates accounted for almost half of all undergraduate degrees in China. What about America? Engineering graduates made up 5 percent of all undergraduate degrees. The number of graduates in the US with ďsmart peopleĒ degrees is dropping yearly. China is generating a swarm of workers capable of creating and inventing the Tommy Hilfiger pants off of the United States. If Americans still arenít worried, consider that only 2.2% of Chinaís twenty-four-year-old population earned a bachelorís degree in 1999. When those 2.2% start cashing their paychecks from American companies and handing the loot over to their brothers and sisters to go to school as opposed to letís say, spending $100 on a pair of pants, that number will increase quickly. With only 2.2% of the population receiving undergraduate degrees, China still produces three times as many smart people as America with 35.3% of the population receiving degrees. - http://lieberman.senate.gov/newsroom/whitepapers/Offshoring.pdf

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