Meditations and Learnings

Meditations and Learnings

There Are Losers in Globalisation, but Human Progress Benefits Many More

Throughout history, globalisation has accelerated human progress. While many innovations in transportation and communication are modern, trading across borders isn’t. In the real world, shifting markets displace some people and reduce others’ wages. Many others in growing sectors benefit from higher demand and increasing wages. The market equilibrates as people undertake the painful process of moving from a shrinking industry to a growing one. If people didn’t move over, wages would keep growing until it became too attractive not to.