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  Owning companies overseas provides a source of important foreign earnings Chris.
  
  You dont have to make something to produce wealth. Certainly mass manufacturing is no longer a business model that works in the west the way it used to.
  
  The world changes and it always does. The worse thing you can do is try to hang on to old industries producing goods, trying to compete with cheaper labour producing cheaper (and from experience often better) equivilents abroad. Far better that your economy be allowed to develop and evolve with new industries and new employment opportunites taking over the reins. The alternative is what was tried and failed in the 70's, huge subsidies going into industries that were failing and eventualy reality bites and the bubbles burst.
  
  I recomend an excellent book on this, Free to Choose by Milton Friedman. Its by no means a heavy piece of reading, it covers issues such as this in a very readable way. Its a must for anyone who is really interested in economics or politics.

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