General Discussion
In reply to the discussion: Since Free Traders believe that America should lower its standard of living to help the third world [View all]Douglas Carpenter
(20,226 posts)I agree that there is a percentage that does indeed benefit. And to be fair not only the richest and most powerful there is in fact a new commercial class but they live in a very different world than the vast majority who will never be part of this new economy. I was just in Manila last week and - oh yes there are more chic shops, luxury goods and American style chain restaurants than ever before. Compared to my first trip in 1994 it is really quite staggering. But at the cost of massive dislocation and an inflationary spiral that has the overwhelming majority living in greater desperation than ever. Virtually overnight we are seeing the world of the small farmer and small domestic manufacturer and retailer swallowed up in the tide of globalization and the ordinary person unable to keep pace with speculation driven inflation.