A recent special report in the Economist highlights a growing trend among American and European companies; they are bringing back work which was previously offshored or outsourced to cheaper locations. Offshoring means moving work and jobs outside of the country in which the company is based; outsourcing means giving work to outside companies. The process of bringing the work back is known as re-shoring. There are several reasons for this. The most obvious is that the difference in unit labour costs between developed and developing economies has diminished significantly.
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