30 September, 2020

On Paper It Is Writ

From history's beginning, globalisation has had winners and losers

R. Prasad
On Paper It Is Writ
Globalisation, once seen as westernisation on steroids, has been turned on its head: as Asian economies rise, global integration brings fear of a decline in living standards in the West. While the corporations riding on the transportation and technology boom rake in profits, the income of a majority of Americans has stagnated. In the anxiety over job security—resulting from offshoring of factories and outsourcing of services—globalisation has become a spectre haunting the American middle class. Arguments offered by economists that free trade and greater engagement with the world has brought prosperity to the US—to the tune of a trillion dollars per year—do not impress the average citizen, as the benefits have gone mainly to corporations and the financial and technology elite. A very small number of the 140 million American jobs have been outsourced, but it's largely affected white-collar US workers with a bigger clout in the media and political system. The rise of China and India that globalisation has facilitated has added to their fears....


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