Apparently accountants are going out of fashion in the west

The role of accountant is to become obsolete in developed countries, according to a leading US economist. Read original article

Globalisation and better communications technology will mean that accounting jobs will become exclusively based out of countries like India, according to Princeton University Professor Alan Blinder.

I am not so sure about that, I guess only time will tell. However I do agree with Professor Blinder that technology is allowing more and more outsourcing, and that outsourcing is climbing the ranks from Production to Administration. Who knows when or where it will end?

Derivatives traders, lawyers and teachers are also in danger of becoming irrelevant in developed countries, Professor Blinder claims.

Speaking to the Telegraph, he said: "This is a very new thought for the highly-educated, white-collar class to think that they may have to compete with low-wage foreign workers.

"Manufacturers have been doing that for generations. But accountants, lawyers, intellectuals?"

Within the next generation, between 30 and 40 million jobs could be lost in the US alone, according to the American economist's figures.

There is approximately a generation until this will happen and some occupations, like economists and investment bankers, will be safer than others.

In related news, G8 ministers have promised to focus more on the social aspect of globalisation.

There will be a much stronger social element to the bilateral relations with certain countries, the G8 conference in Germany stated recently.