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Paul C. Wright - The Language of Globalization

  • Broadcast in Finance
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Globalization has led to an important new paradigm in the political and socio-economic life of American citizens. Whereas once the United States protected its jobs, economy, and sovereignty with trade barriers like import taxes on foreign products, many protections have fallen like dominoes over the last 30 years through the use of “free trade” agreements and widespread deregulation of transnational financial institutions such as insurance companies, as well as investment and retail banks. The result is a more interconnected world geared more towards satisfying corporate interests and consumerism than what will soon be the archaic notion of national sovereignty and the perks that sovereignty delivers to the average citizen.
In fact, the intent of globalization’s main proponents is to take one giant leap towards global governance and economic and cultural life. This means that there will soon be wide-open competition for jobs on a global basis rather than on a local or national basis. Americans living in Silicon Valley have felt the effects of globalization for years now. American born software engineers have felt squeezed out of the jobs market in favor of immigrants who are brought to the U.S. from China, India, and elsewhere, on employment visas. The American engineers dispute the statements that the immigrants are needed due to a lack of qualified American born engineers and allege that the use of employment visas it nothing more than a ploy to drive down wages, thereby enabling employers to pocket a greater profit. It cannot be disputed that the global marketplace that places a premium on low labor costs and that low labor costs are leading to a lack of U.S. jobs and a decline in the living standard of the average American citizen.