World finance leaders on Thursday decried a growing populist backlash against globalization and pledged to take steps to ensure trade and economic integration benefited more people currently left behind.
Globalization has been driven by taking high paying jobs and transferring them to low wage countries.
I have a few questions regarding these concerned world finance leaders:
- Did they think when they started transferring these jobs that people losing their jobs in high wage countries would be excited about the process?
- If shareholders and investors and owners of these companies keep the increased profits that result from paying fewer wages to produce their products why would they now say they are are going make globalization work better?
Either they bring those jobs back to high wage countries which won’t happen much or they somehow redistribute some of these profits back to those people who have been victimized by globalization.
I don’t see either one of those as real options.