Originally published in a collection of opinions on the question Is Financial Globalization Beginning A Process of Reversal? (pdf) The collection notes The European Banking Sector is 65% of all global banking.
Globalism is a conspiracy against First World jobs. It is the process by which capital extracts surplus and appropriates the earnings of labor. By moving offshore the production of goods and services for the home market, corporations benefit from labor arbitrage. Because of large excess supplies of labor, corporations can hire employees in China, India, Indonesia, and elsewhere at wages below the value of the marginal product of labor, thus raising the returns to capital.
Source: OECD, Economic Outlook 2011
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