The great failure of globalisation Opinion
The simple fact is that globalisation has not only hit the unskilled hard but has also proved a bonanza for the global super-rich. They have been able to invest in new and highly profitable projects in emerging economies. Meanwhile, as Warren Buffett argued this week, they have been able to convince their home governments to cut tax rates on profits and high incomes in the name of global tax competition. Tax havens have proliferated even as the politicians have occasionally railed against them. In the end the poor are doubly hit, first by global market forces, then by the ability of the rich to park money at low taxes in hideaways around the world.
This is a really clear, well written and comprehensively reasoned opinion piece. Blame properly is placed in the lap of poorly prepared governments and blinkered politicians beholden to corporate interests. The greatest part of the burden of a shifting marketplace is being unfairly borne by the middle- and working classes, who are then being told that the rich (corporate and individual) will fix everything if only they may be relieved of paying their fair share.