Globalization causes inequality, insecurity, wage loss, new book says

A new book by economist Josh Bivens of the Economic Policy Institute provides a compelling reason for the Obama administration and Congress to think big about how to reduce economic inequality and insecurity in the years to come: Most working Americans have suffered steady and significant income losses that stem from global integration.
Everybody wins, except for most of us: what economics teaches about globalization, released today by EPI, finds that trade flows likely cost a full-time U.S. worker earning the median wage $1,400 in 2006. This loss rivals or exceeds what median wage-earners experienced during the recession of the early 2000s. For workers on its losing end, globalization has felt like a chronic (if largely unseen) recession – one that requires a policy response as ambitious as that offered against today's very visible economic downturn.