Most people equate globalization with growing international trade in goods and services, but that is only part of it. In a digitally interconnected world where ideas, money, designs, and even know-how can traverse domestic boundaries instantly, it has become the process by which enterprises extract commercial value from innovations in every possible field and direction.
Yet, presently, economic disenchantment among the working and middle classes of the world’s developed economies is real. Convinced that rising global prosperity has not included them, they point to their enduring job losses and to the widening income distribution disparities, or inequality, while emerging nations benefited unevenly over the years.
Although job losses and increasing inequality are outcomes, the reason they exist is not globalization but its careless implementation. But how did trading between nations, an economic practice whose benefits have transcended millennia, go wrong?