And yet it is also the proverbial canary in the coalmine, signalling a broad populist/nationalist backlash – at least in advanced economies – against globalisation, free trade, offshoring, labour migration, market-oriented policies, supranational authorities, and even technological change.
Unlike manufacturing jobs, natural resource industries aren't susceptible to offshoring when labour costs soar.
But while "offshoring" can cut labour costs by 65%, replacing workers with machines can cut them by up to 90%.
Yet in the Harvard Business School survey tax rates were only number six on the list of reasons for offshoring, far behind labour costs.
He says it is a struggle to hold on to his four crewmen, who can earn pretty much the same from offshore oil industry labouring as they get from fishing about £25,000 a year.
Safety and efficiency are of paramount importance when operating offshore but traditional labour-intensive processes can be slow and hazardous.
Such evident national consensus along with abundant waterpower, offshore oil, and peaceful labour relations was a major factor in the rapid growth of Norway as an industrial nation during the 20th century and in the creation of one of the highest standards of living in the world, reinforced by a comprehensive social welfare system.
Even in manufacturing the savings on labour from offshoring are often outweighed by other cost considerations.
"It is now clear that the prime minister has misled the public about his personal involvement in offshore tax avoidance schemes," the Labour leader said late on Friday.
As we now face the prospect of a Boris Johnscuttle scuttle, bankrolled by Tory donors desperate to dismantle labour protection and offshore industry, we cannot have those Labour values missing in action again.
