It seems to me that globalization is Ponzi Capitalism.
Here’s a post on that topic
Capitalism includes globalization, which increases labor supply and allows companies to bypass whatever labor exists in their company’s national residency. This may be good in the short-term, but devastating in the long time.
Income inequality exploded when labor rights were weak before the unions forced the owners of capital to pay them a fairer share than what they were paying (below a livable wage); they were able to do this because there was enough friction in transportation that outsourcing to lower cost regions was not an option. Now that it is readily an option, US labor has no traction to keep itself in a bargaining chair.
We get cheap products at a reasonable nominal price but income stagnation here, primarily due to free trade and globalization, has forced households to borrow to maintain their consumption habits – and now that they’ve borrowed to the limit, consumption inequality is skyrocketing…
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