Globalization Study Moves Past Rhetoric

December 31, 2007 § 1 Comment

 

Corporations have long insisted that globalization delivers prosperity. But a report commissioned by the Financial Services Forum, an association of CEOs of 20 major financial firms, admits that most benefits have gone to a select few. International operations increasingly account for most sales and business conducted by multinational firms, writes David Wessel for the Wall Street Journal. But workers in developed nations have increasing job insecurity. If benefits bypass ordinary workers, resentment could prompt US legislators to restrict international trade. A huge income gap is unnecessary for the US: The report recommends higher taxes for those gaining the most from globalization, protecting the tax base in communities facing factory closures, and a guarantee of health care and training opportunities for all workers. The association warns that growing inequality threatens overall US prosperity and released the report to candidates for the 2008 US presidential election. But the warning may be too late, with politicians chasing after votes and surveys reporting that more than two-thirds of Americans anticipate that their children’s lives will be worse off than their own. – YaleGlobal

Globalization Study Moves Past Rhetoric

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§ One Response to Globalization Study Moves Past Rhetoric

  • rearden215 says:

    As reprobate as corporations and their industrial implementations appear to be when it comes to human needs of their workers, the mass dissolution of those social contracts drawn between business and labor by my ‘sixties generation is reprehensible.

    My generation really did not want to work in our father’s job paradigm with a predetermined salary arc and the ubiquitous gold watch at the end of a lifetime of service so, we reinvented the corporation.

    We tossed middle management aside as an unnecessary deadweight layer; generated corporate valuations where a business was worth more dead than alive; erected a new totem in the name of shareholders whose feelings, from this time forward, would be paramount to the quality of our products or services; deigned the American worker as a lazy lout who would be taught a lesson when willing, and cheaper, hands in the orient would do the same job for pennies on the dollar.

    All the while, my generation was able to gird it’s loins and stuff the ample spaces of it’s pantaloons with cash, bonuses and options after having done nothing to earn it. We lit hundred dollar cigars at DuPont Circle watering holes and elbowed each other until we snickered at how easy it was to make money.

    In a way, I wish that Oliver Stone had never made the movie “Wall Street”.

    That’s how we see it here in Philadelphia.

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