Over the past five years in the company I work, I've seen profits drop and headcounts drop. I must say there's no particular reason for it other than globalisation. Yet I see that the number of high-end European imports in parking lot has jumped by 10-12 at least.
I guess globalisation doesn't affect ever body equally!
Capitalism is a wonderful con-cept indeed.

TL;DR - not a bad thing.

Yup. Coding, and support can move to other countries, and companies make crappier software. And cut corners.
This is actually a good thing. All those local skilled people went to work somewhere, or started something on thier own. They prefer to use something newer. This means modern dev stacks like node, python, and ruby. And for some reason a lot of javascript. And javascript frameworks. Your next job will be better because of this.

@magicMirror there's still a human cost associated with this. Not everyone can find another job. I feel bad for people who worked a big part of their career in the company finding themselves on the wrong side of 40s without a livelihood.
Some can never recover fully.