On 30 December 2008, at http://www.opednews.com,/Richard Backus (Bacchus ) wrote Globalization and its Contribution to America's Economic Catastrophe
Among the points made:
1. Globalization means that big global companies replace decently-paid western workers with very poorly paid third-world workers.
2. The western workers end up unemployed or in poorly paid jobs, for example in fast-food restaurants.
The western workers can no longer afford to buy some of the products of the big global companies.
The third world workers are too poor to buy the products of the big global companies.
3. The super-rich who run the big global companies benefit in the short term.
But then they find that many people are too poor to buy their goods.
4. Detroit, Bethlehem, and other eastern US cities have been hit by the loss of entire industries - textiles, shoes, electronics, steel, autos...
5. Globalisation in the past meant the UK selling opium to China and getting silk, tea and spices in return.
(Reportedly, globalisation today can mean top people making money from armaments and narcotics)
6. The low cost of foreign goods is usually not due to fair competition.
It is usually due to wages being kept low and currencies being manipulated.
7. Japan's economic success was based partly on an undervalued Yen, established by U.S. authorities, and designed to make Japan a powerful U.S. ally.
The USA allowed China to have an undervalued Yuan and to gain supremacy over the U.S. in most manufactures. The USA hoped this would 'pacify' China and make it a friend.
The Asian financial crisis of 1997 was linked to financial manipulations.
8. Western countries should put an extra 'tax' on goods produced by third-world workers on very low wages.
9. Globalisation cannot work because it will be impossible to make all countries adopt the same policies on everything from religion to social policies..