Globalization anxiety - The world is richer than ever before, but the vast middle class isn't getting many of the benefits.

[w¡n9Nµ7 §£@¥€r 123]

Against all odds, we are living in a time of plenty. Neither the aftershocks of Sept. 11 nor a tripling in oil prices has prevented the world's economy from growing faster in the last five years than in any five-year period in recorded economic history.

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Yet, in many corners of the globe, there is growing disillusion with the market system and global integration.

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Why is there such disillusionment?

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... the growing recognition that the vast global middle is not sharing the benefits of the current period of economic growth — that, in fact, its share of the pie is not growing and may even be shrinking.

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Two groups have found themselves in the right place at the right time to benefit from globalization and technological change. First, those in low-income countries, principally in Asia and especially in China...

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Second, it has been a golden age for those who already own valuable assets. Owners of scarce commodities have seen their returns rise prodigiously. Those who own or operate businesses that can take advantage of globalization to rely on less expensive labor and to sell to larger markets than ever before have seen their incomes rise far faster than incomes generally.

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Everyone else has not fared nearly as well. Low-cost labor — ordinary, middle-class workers and their employers ... are left out.

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It is this vast group — which lacks the capital to benefit from globalization and cannot imagine competing on cost with Chinese workers — that is desperately seeking either reassurance about the shrinking world or a change in course.

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Economists rightly emphasize that trade, like other forms of progress, makes everyone richer by enabling people to buy goods at lower prices. But this opportunity offers small solace to those who fear that their jobs will vanish. Nor can education be a complete answer at a time when skilled computer programmers in India are paid less than $2,000 a month.

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... our success in advancing international integration will again depend on what can be done for the great middle class, at home and abroad.

http://www.latimes.com/news/opinion/la-oe-...inion-rightrail

[almaty 19]

the middle class always gets it in the shorts..

[mawilson 2,133]

Oh no. Gupt is teaming up with Steven and Jinky.

[w¡n9Nµ7 §£@¥€r 123]

Oh no. Gupt is teaming up with Steven and Jinky.

[one...two...tree 2,762]

Oh no. Gupt is teaming up with Steven and Jinky.

pssst... the check's in the mail.

[peejay 327]

The sad fact is...it is a race to the bottom. Why is it that the gurus of globalization always promise riches ahead for everyone...but it never seems to materialize for anyone but themselves.

At some point in time they will sh!t in their own bowl of Cheerios (and everyone elses' too). By then it will be too late.

At some point their Ponzi scheme will come back to haunt them as there will be no one left to buy their outsourced ####### because there won't be a middle class with decent jobs. This New World economic order will go the way of the other economic fads...out with a huge crash.

Does anyone ever learn from past history...or are we doomed and destined to repeat it?

[Ban Hammer 13,352]

Oh no. Gupt is teaming up with Steven and Jinky.

oh no gupt has gone over to the dark side

[w¡n9Nµ7 §£@¥€r 123]

Oh no. Gupt is teaming up with Steven and Jinky.

pssst... the check's in the mail.

Thank you, globalization