Under-Regulated Globalization Widened the Wealth Gap

Among other ills.

Photo by Quick PS on Unsplash.

Both U.S. political parties are responsible for the worldwide havoc wrought by a glut of hyper-globalization sans regulation.

With the best of intentions, urged on by a growing sense of global community and globalism, members of both parties allowed corporations all the benefits of globalization without the requisite responsibilities.

Some extremely wealthy corporations used the auspices of globalization to exploit low-wage workers in emerging nations and take advantage of the lack of expensive and onerous environmental regulations.

The results speak for themselves. The wealthiest 1% of the 1% have more money than the rest of the planet put together. The ten wealthiest managed to double their wealth during Covid. The environment is suffering, forced labor is as plentiful on planet earth as it has ever been, and emerging nations are still emerging after decades of globalization.

Decades of globalization hollowed out the U.S. Middle Class, destroyed American manufacturing, wiped small-town America off the economic map, exploited low-wage workers in emerging nations, decimated the global environment, grew the wealth gap to catastrophic proportions, and bankrupted the next generation.