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"Globalization" Means Becoming More Like the Rest of the World

Do you worry about growing wealth inequality in the United States? Or the end of American exceptionalism? Or the lack of opportunity for the common person? These are GLOBAL characteristics. America has been the oasis from all of that for the first two centuries of its existence. But as the third century wears on, it is fast losing that status.

America, by definition, was the one part of the world where goods were cheap and labor was expensive. This, in turn, provided opportunities to the possessors of labor (most people), rather than to the possessors of land and other goods (the few).

The tech revolution, and the resulting off shoring, allowed low cost foreign labor to compete directly with American labor. The result was that the wages of American laborers had to fall. Meanwhile, higher returns accrued to the owners of the new devices (and their shareholders), who were already wealthy to begin with. In essence, the "new economy" represented a means for the elite to substitute non-American cost-benefit relationships for American ones to their benefit, and other Americans' detriment.

"Globalization" means that your original American economic percentile ranking eventually translates into your global percentile ranking, That's great for the top 1% or so. That's a grim prospect for perhaps the bottom 80%-90%.