Flying high :

Globalisation is tough to sell to average people. Economists can promote the very real benefits of a robustly growing world: when they sell more overseas, American businesses can employ more people.

But what sticks in our minds is the television image of the father of three laid off when his factory moves offshore. It is worth taking note of a good-news trade story for an icon of American manufacturing.

The Boeing 747 looked as if it was heading toward obsolescence in the difficult environment for air travel after September 11, 2001. Fast-forward five years and the old bird is flying high. Boeing has received orders for 67 of the airplanes this year, the most for that

model in a single year since 1990 and worth a total somewhere in the neighbourhood of $16.75 billion. All of this benefits Boeing’s shareholders and the US economy.

According to the World Bank’s recent report, Global Economic Prospects, trade in goods and services will very likely more than triple by 2030. Over the same period, the global economy is expected to expand from $35 trillion in 2005 to $72 trillion — ushering hundreds of millions around the world out of poverty and into the global middle class in the process. That would mean a lot more goods to make and sell — and a lot more cargo and passengers for Boeing jets.