Though multinationals account for only 2% of the world’s jobs, they own
or orchestrate the supply chains that account for over 50% of world
trade; they make up 40% of the value of the West’s stockmarkets; and
they own most of the world’s intellectual property.
--
And politicians want to grab more of the spoils that multinational firms
have come to control, including 80m jobs on their payrolls and their
profits of about $1trn.
The deep roots of globalisation mean that trying to favour domestic
companies by erecting tariffs no longer works as once it did. Over half
of all exports, measured by value, cross a border at least twice before
reaching the end-customer, so such tariffs hurt all alike.
--
A rising cohort of small firms using e-commerce to buy and sell on a
global scale. Up to 10% of America’s 30m or so small firms already do
this to some extent.
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