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From Globalization to Localization [Or Why Globalization
Sucks For Developed Countries]
Morgan Stanley ^
| Dec. 14, 2006
| Steven Roach
Posted on 12/15/2006 7:26:05 AM PST by conservativecorner
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To: Toddsterpatriot
There wasn't? You mean that William Jennings Bryan was full of hot air? Wasn't anyone being CRUCIFIED ON A CROSS OF GOLD? ;^)
To: Toddsterpatriot
It never has done, before.
To: nopardons
That's one of THE silliest things I have EVER seen posted to FR!Can't stand the facts, eh? Nothing to counter with except propaganda against your own ancestors?
You bluestockings never let go, do you?
63
posted on
12/15/2006 7:41:00 PM PST
by
headsonpikes
(Genocide is the highest sacrament of socialism.)
To: headsonpikes
Can't stand the facts, eh? Did you ever admit that there was inflation and deflation while America was on the gold standard?
64
posted on
12/15/2006 7:53:51 PM PST
by
Toddsterpatriot
(If you agree with EPI, you're not a conservative!)
To: Willie Green; Wolfie; ex-snook; Jhoffa_; FITZ; arete; FreedomPoster; Red Jones; Pyro7480; ...
In recent years, the benefits of the second win have accrued primarily to the owners of capital at the expense of the providers of labor. At work is a powerful asymmetry in the impacts of globalization and global competition on the worlds major industrial economies -- namely, record highs in the returns accruing to capital and record lows in the rewards going to labor.
The global labor arbitrage has put unrelenting pressure on employment and real wages in the high-cost developed world -- resulting in a compression of the labor income share down to a record low of 53.7% of industrial world national income in mid-2006. With labor costs easily accounting for the largest portion of business expenses, this has proved to be a veritable bonanza for the return to capital -- pushing the profits share of national income in the major countries of the industrial world to historical highs of 15.6% in 2Q06. "Free" trade bump
65
posted on
12/15/2006 9:44:06 PM PST
by
A. Pole
(Hush Bimbo: "Low wage is good for you!")
To: conservativecorner
A rising tide raises all boats, but so does rising sewage.
66
posted on
12/15/2006 10:28:05 PM PST
by
William Terrell
(Individuals can exist without government but government can't exist without individuals.)
To: conservativecorner
M3 ?
?
..surely you jest.
67
posted on
12/16/2006 2:28:16 AM PST
by
taxed2death
(A few billion here, a few trillion there...we're all friends right?)
To: conservativecorner
a striking asymmetry in the benefits of globalization. While living standards have improved in many segments of the developing world, a new set of pressures is bearing down on the rich countries of the developed world. Most notably, an extraordinary squeeze on labor incomes has occurred in the industrial world -- an outcome that challenges the fundamental premises of the win-win models of globalization. The win-win model of globalization was nothing more than a sales scheme. Common sense dictates that any form of inequity is resolved by movement from the higher state to the lower state; one doesn't achieve equilibrium by moving from the lower to the higher.
In the case of money, what sense did it ever make to believe that wealth was going to flow from a country that had none, to a country that teemed with it? By exporting manufacturing and service jobs abroad, companies certainly reduced the cost of goods and services domestically. But they didn't reduce the PRICE of those goods and services. The tennis shoes made in a Shanghai sweatshop or a Chinese lao-gai are no cheaper than those made in South Carolina. The difference is that the domestically produced goods at least provide jobs for American workers, who can then buy the tennis shoes. No Chinese slave making 10 bucks a month is going to buy a $120 pair of Air Jordans.
So if the price is the same but the cost has dropped to a tenth of its previous levels, where is the money going? Corporate profits. But profits that are owned disproportionately by a narrow elite, since they're the only ones who can afford to buy the stock.
We've seen entire industries wiped out by NAFTA, GATT, and PNTR for China. Steel, textiles, information technology, and even scientific research and development. All so the country-clubbers can buy one more yacht to ski behind.
The tide is not rising for everyone.
68
posted on
12/16/2006 7:04:41 AM PST
by
IronJack
(=)
To: Mase
He either accepts responsibility for his place in life and resolves to make the necessary changes to become successful, or he blames it on someone else and demands, like Roach, that someone (government) do something about it. Corporate America has no trouble going to government and demanding - we call it lobbying. Corporate lobbying led to deregulation of the banking industry and that led to bank failure on a scale we hadn't seen since the great depression. Bank failures resulted in government bailouts (who's money paid for that?).
Whenever the profit motive is missing, the probability that people's wants can be safely ignored is the greatest. Remove or deemphasize the incentive to make a profit and the only thing we'll be creating in this country will be massive numbers of beggars.
Aren't we on the way to do just that as wages and benefits fail to keep pace with inflation?
69
posted on
12/16/2006 8:15:47 AM PST
by
lucysmom
To: A. Pole
Globalization and free trade at any cost benefits the people they are intended to benefit. However, the vast majority of Americans are not the intented beneficiaries.
70
posted on
12/16/2006 8:39:26 AM PST
by
Clintonfatigued
(Corporatism is not conservatism)
To: IronJack
Steel, textiles, information technology, and even scientific research and development. Small point, but the "textile" industry is not the "garment-making" industry. The latter took it on the chin, the former lobbied in favor of CAFTA.
71
posted on
12/16/2006 8:41:44 AM PST
by
1rudeboy
To: lucysmom
Corporate America has no trouble going to government and demanding - we call it lobbying. There's politics going on in Washington? Shocking! What does that have to do with a bunch of whiners who blame others for their inability to get ahead in life? Anyone blaming the man for holding them back is really making excuses for their own inability or lack of motivation.
Aren't we on the way to do just that as wages and benefits fail to keep pace with inflation?
The richest nation in history is on it's way to becoming a nation of beggars? Where do you live? Real wages in this country have been increasing for a long time. It's the reason we can afford more things today than in the past. The middle class has been doing just fine despite what the FR fact-free doomers claim:
Looks like our median wealth is also increasing - no surprise there:
Tis the season. You get happy now!
72
posted on
12/18/2006 9:19:41 AM PST
by
Mase
(Save me from the people who would save me from myself!)
To: Mase
What does that have to do with a bunch of whiners who blame others for their inability to get ahead in life? Anyone blaming the man for holding them back is really making excuses for their own inability or lack of motivation. Some blame the man and some blame the government and taxes; taken together, we are a nation of blamers and whiners.
73
posted on
12/18/2006 9:37:13 AM PST
by
lucysmom
To: lucysmom
Some blame the man and some blame the government and taxes; taken together, we are a nation of blamers and whiners. Not everyone. 80% of all millionaires in this country today (more than 8 million!) are first generation rich. Their net worth was calculated without primary real estate.
74
posted on
12/18/2006 9:51:38 AM PST
by
Mase
(Save me from the people who would save me from myself!)
To: Mase
"The money powers prey upon the nation in times of peace and conspire against it in times of adversity. It is more despotic than a monarchy, more insolent than autocracy, and more selfish than bureaucracy. It denounces as public enemies, all who question it's methods or throw light upon it's crimes. I have two great enemies, the Southern Army in front of me and the Bankers in the rear. Of the two, the one at my rear is my greatest foe.. corporations have been enthroned and an era of corruption in high places will follow, and the money powers of the country will endeavor to prolong it's reign by working upon the prejudices of the people until the wealth is aggregated in the hands of a few, and the Republic is destroyed." Abraham Lincoln
75
posted on
12/18/2006 5:46:23 PM PST
by
lucysmom
To: conservativecorner
We have several asset bubbles deflating at the same time, so this next year should be rather interesting and deflationary.We live in Interesting Times.
76
posted on
12/18/2006 7:39:26 PM PST
by
Pelham
(1 Billion 'Guest Workers' to do Jobs Americans Won't Do.)
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