Today’s post is going to be short. The theme is income inequality. My thesis on this has been that globalization is a net transfer from the developed economy middle class to developed economy elites and the emerging market middle class. I have some evidence to support that thesis.
Imagine, it is 1975 and you are the owner of capital, paying your workers a decent wage. But then the economy goes global, with the availability of cheap labor in emerging market, and then the opening of China and the...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.