Globalization (finally) Understood
May 24, 2007
Today, the Wall Street Journal joined the ranks of Ralph Gomory and Alan Blinder with the front page story, "Globalization's Gains Come with a Price," (subscription site) admitting (possibly for the very first time) the high costs of globalization to people in the United States and around the world:
Many developing nations seem to be following in the footsteps of the U.S., where the income gap has grown sharply since the early 1970s. A 2006 study of Latin America, a region long marked by profound gaps between rich and poor, by World Bank economists Guillermo Perry and Marcelo Olarreaga found that the income divide deepened after economic liberalization in nine of the 12 countries examined.
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