By John Cassidy – The bigger story is that, so far, free trade and globalization have failed to deliver the material benefits to ordinary Americans, and particularly to American workers, that were advertised. Over time, Democratic politicians and economists have been forced to acknowledge this fact.
In 2012, a long survey article in the Journal of Economic Perspectives concluded: “Our analysis sheds new light on the sobering fact of pervasive real-income declines for the large majority of Americans in the past decade. These real-income declines may be part of the same globalization and innovation forces shaping returns to superstars and to capital.”
In case that last line went over your head, I’ll translate it into plain English:
It could well be that globalization is making the rich richer and most of the U.S. population poorer. more> http://tinyurl.com/qfmulby