Mississippians are following anxiously last week’s Delphi bankruptcy filing.
The Michigan-based auto parts manufacturer has two plants in the Magnolia State, and it is likely that jobs here will be affected as Delphi works its way through the reorganization process.
Whatever the outcome and whether or not jobs are lost remains to be seen, but it is with great certainty that this move does signal the ongoing march of globalization. Hard work and loyalty remain valuable assets, but with accelerating speed, competitive pressure is forcing U.S. companies to find the cheapest labor available.
For American consumers, this cost-cutting is a great deal. Goods and services have grown more affordable, and we are all able to buy more.
However, for the workers affected by the new global economy, it is a time of apprehension, if not disappointment and loss. Balancing the needs of companies, consumers and labor remains the most difficult and yet critical aspect of globalization. It is a challenge we must resolve reasonably for every stakeholder.