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Sending US jobs offshore to cheaper labor markets generates heated political debate. Yet offshoring benefits not only individual US companies and their foreign partners but also the US economy, primarily by freeing up funds to create higher-value jobs.

Sending US jobs offshore is generating heated political debate, and some politicians are proposing laws to keep them at home. But any move to slow down the job migration could actually hurt the United States. The McKinsey Global Institute finds that offshoring not only produces value for the countries that gain the jobs but also frees up capital in the United States for more productive uses. Most displaced workers find new positions within six months—possibly even in new ventures financed with money saved by offshoring work to cheaper labor markets.

For more details, read "Who wins in offshoring," part of "Global directions," a special issue of The McKinsey Quarterly examining the implications of globalization. (Other articles from the issue will be posted in the weeks to come.)