February 25, 2004 5:55 AM

Alan Greenspan agrees with McKinsey
Posted by Jason Butlerat 5:55 AM

Chairman of the Federal Reserve Alan Greenspan on offshoring.

The issue [of offshoring] is both important and sensitive, dealing as it does with the longer-term wealth of our nation and with the immediate welfare of so many individuals and communities. In the debate that has ensued, a large gulf is often perceived between the arguments of economists, who almost always point to the considerable benefits offered over the long term by exposure to free and open trade, and the obvious stress felt by those caught on the downside of turbulence created by that exposure. It is crucial that this gulf be bridged.

As history clearly shows, our economy is best served by full and vigorous engagement in the global economy.