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Globalization and its Contribution to America's Economic Catastrophe

The promoters of Globalization, in their headlong and single-minded lust for profit, have exhibited one major flaw, a complete ignorance of the basic economic principles underlying capitalism. While marginally lowering prices on products by replacing decently-paid western workers with third world workers at exploitative wages, they have killed the proverbial “goose that laid the golden egg.” The displaced workers, those middle income western wage earners, were the backbone of world consumption. The exploited workers could not buy the products which they created. Now, as his wages are being increasingly undermined by product outsourcing and tariff policies (NAFTA, CAFTA), the previously middle class wage earner is gradually becoming unable to keep up the consumption necessary to support production. Only the rich, beneficiaries of the increased profits generated by these policies, can afford these products. They have the gold but the goose has been cooked. This article explains the phony “principles” supporting Globalization, the reasons for its “success”, and the danger that it represents.

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