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
outlookindia.com
-0001-11-30T00:00:00+05:53
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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