From a different slant, I would go further and claim that a particular type of human capital can have a whopping impact in wealthy countries and even more punch in the emerging regions of the world. The spry subset takes the form of social capital, as in the case of muted levels of corruption throughout the society in tandem with copious amounts of trust amongst the participants.

In contrast to the dogma in some circles, globalization is in general a win-win game. To begin with a counterpoint, the author cites research which portrays the loss of jobs in the manufacturing sector due to outsourcing by American firms to foreign vendors. But the author also notes that manufacturing comprises only a small part of a modern economy such as the American one. While making the argument, however, he glosses over the cornucopia of trillions of dollars in effective income enjoyed by consumers of all stripes – and thus the entire population including those within the manufacturing sector – thanks to the expanded array of products on the shelves coupled with the cutdown of prices.

To cite another example of the mutual gains due to global growth, a poor country that turns into a middle-income economy will have the wherewithal to ramp up their imports from the rich nations. The consequence is to support a multitude of high-paying jobs in the wealthy nations in areas ranging from luxury cars and designer clothes to consulting services and inbound tourism. In this way, each party ends up as a winner.