This is what I have been writing for years, while the economics profession adopted a position of total denial. The first world gainers from globalization are the corporate executives, who gain millions of dollars in bonuses by arbitraging labor and substituting cheaper foreign labor for first world labor. For the past decade free market economists have served as apologists for corporate interests that are dismantling the ladders of upward mobility in the US and creating what McMillion writes is the worst income inequality on record.
Globalization is wiping out the American middle class and terminating jobs for university graduates, who now serve as temps, waitresses and bartenders. But the whores among economists and the evil men and women in the Bush administration still sing globalization's praises.
The state of the nation has never been worse. The Great Depression was an accident caused by the incompetence of the Federal Reserve, which was still new at its job. The new American job depression is the result of free trade ideology. The new job depression is creating a reserve army of the unemployed to serve as desperate recruits for neoconservative military adventures. Perhaps that explains the Bush administration's enthusiasm for globalization.
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