This guy, William Thomas, is very sharp & his track record speaks for itself. He runs a venture capital/investment co that is publicly traded - Capital Southwest. He is calling it quits after this year but left some parting thoughts about the future. He also manages to bash CEO compensation. Kind of strange comments coming from a capitalist:
Capital Southwest Corporation
"Last year, my annual report offered several observations about free trade in a section entitled Protectionism May Be the Final Answer. These remarks drew angry comments from several shareholders, who in one case gave me an F in economics and in another case threatened to sell his stock.
Despite our escalating foreign trade imbalance and the accelerated rate at which we are outsourcing manufacturing capacity and related jobs, globalization is a religion widely accepted by both political parties and by corporate managers anxious to lower their labor costs. Inevitably, it will lessen our country’s ability to create jobs that will enable our grandchildren to match their grandparents’ standard of living. Inevitably, it will lead to a trade deficit even higher than the present untenable 7% of GDP, increasing our country’s debt to its trading partners. Reversing this trend may require tax incentives or other controversial measures to reward corporations for creating domestic jobs.
Obviously, I am not an economist, but I know that our country’s welfare is threatened by today’s galloping globalization, which erodes our industrial base, outsourcing more and more jobs – blue-collar and white-collar. I am not capable of predicting the ultimate consequences of our country’s shrinking industrial capacity and its swollen trade deficits, but I know it is taking us in a hazardous direction.
I may sound like a voice crying in the wilderness, but my apprehension is shared by a growing herd of alarmed Americans. If some of our shareholders are offended by my challenging the merits of sustained globalization, I am sorry. I will hate to lose you, but hope you make a bundle on our stock and leave some to your grandchildren, who will need all the help they can get."