"I don't think most people appreciate the magnitude of the change in the world's workforce," says Intel's chief executive, Craig Barrett. "Over the next 10 years you are going to see major, major dislocation," he warns. He should know. Intel is hiring thousands of new workers overseas.
Big and small companies alike in industry after industry have done the math and are rushing to move even their most specialized jobs to Asia to cut wages by between half and four-fifths. "We're now outsourcing investment banking to Mumbai," says Stephen Roach, chief economist at Morgan Stanley. "I don't know why we would ever hire another software programmer in New York again."
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