The Importance of the Offshore Industry

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Last weekend, I read an interesting article in the Wall Street Journal entitled A Global Economy Needs an Offshore Industry.

The article focuses on the important (but commonly overlooked) role that the industry plays in enabling global economic development. As the article states:

“If you believe globalization is a driving force behind economic growth, then it’s worth understanding how this system is enabled. Offshore structures and services perform crucial functions, including reducing cross-border “friction-costs” and facilitating the flow of capital. To put it simply, the offshore industry serves as the wiring of our modern, integrated economies.”

This is clearly not the easiest of messages for our politicians to deliver. However, in an era of stalling economies and politicians seeking ideas for renewed growth, it would perhaps be reckless to dismiss the benefits that the industry can deliver.

As always, please do let us know what you think.

Oliver Bell
Oliver Bell studied economics before deciding on a legal career and he has maintained a keen interest in all things financial. When he's not at work, Ollie can be found messing around on boats or with his wife (and fellow blogger) Natalie, and their two children.