What kind of new jobs might emerge in the U.S. to replace those going overseas?
Whole categories of jobs will grow here — new applications development, for example. A lot of the jobs going overseas initially are maintenance and support jobs. That should free up American programmers to build new systems, new applications, new Web sites. There will be entirely new industries. Q: Like what? A: Can’t name examples. They don’t exist yet. This is where people get tripped up. It requires a leap of faith. In 500 years of Western history, there has always been something new. Always always always always always. It will be created by entrepreneurial capitalism. I’ll give you an example. Look at Seattle. In the early 1990s, Boeing (BA ) was having a tough time as defense spending was shrinking. Somebody put up a billboard that said, “Will the last person to leave Seattle please turn out the lights.” But look at what happened: Microsoft (MSFT ). Nordstrom (JWN ). Amazon.com (AMZN ). REI. Starbucks (SBUX ). Nintendo (NTDOY ). Six big new businesses. At the time, nobody thought
