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Rejuvenate or Perish
By: Ronald Fenn, Rusandro Inc.
Posted: May 23, 2005, from the June 2005 issue of P&F magazine.
The biggest single threat to the status of the US flavor and fragrance industry is likely to be the rush right way to proceed. Advocates interpret the concept to mean that industrialized nations are nobly bringing the third world up to their standards. However, I feel many in the United States have failed to see that the process of globalization is actually a hidden transfer of wealth — from the rich countries to the poor.
The transfer of US manufacturing and service jobs to other countries has been well publicized. US citizens, when put out of work, on average find new jobs at about 70 percent of their former salaries. Other unemployed citizens simply drop out of the job market. So, at the same time that globalization is raising third world living standards, US living standards are in decline, a continuing trend.
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