Globalization Effects on the US Economy
One of the globalization effects most criticized in the US is the fact that US-based multinational corporations, who employ approximately 1/5 of the US workforce, have been cutting back their hiring in the US while hiring more overseas. New data from the US Commerce Department indicates that during the last decade US companies cut their domestic work forces by 2.9 million while they increased overseas employment by 2.4 million.
This is in sharp contrast to the 1990s where US corporations created many jobs overseas but even more jobs at home. This trend toward outsourcing is highlighting the importance of other rapidly growing economies to large US companies like Wal-Mart, Microsoft, Caterpillar and GE. This data has led some to call for US government intervention to hinder companies from exporting work overseas. While explicit protectionist laws are unlikely, implicit tools like currency depreciation may have some effect.