| How economies really create jobs |
| McKinsey Classics | February 2018 |
 |
| Debunking trade myths |
| For at least the past 20 years, policy makers, politicians, pundits, and voters in mature markets have worried that their countries are losing ground—above all, in manufacturing—to emerging economies. It’s important to ground this debate on the impact of trade in the truth, the whole truth, and nothing but the truth, so a 2012 report from the McKinsey Global Institute (MGI) examined popular ideas about globalization: for example, that mature economies are losing out to emerging ones in trade and therefore face rising trade deficits, that manufactured goods are mainly responsible for them, and that trade is the principal reason for the loss of manufacturing jobs in developed economies. We found that conventional wisdom erred in many ways. To see through these widespread misconceptions about how economies create and destroy manufacturing and service jobs, read “Trading myths: Addressing misconceptions about trade, jobs, and competitiveness” and the MGI report on which it’s based. |
|
|
|
|
|
|
| Did you miss our previous McKinsey Classics? |
|
| McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. |
|
|
|
|
| Copyright © 2018 | McKinsey & Company, 55 East 52nd Street, New York, New York 10022 |
|
|
|
|
