How Badly Has Globalized Monetarism Failed?

Just how badly has globalized moneterism failed to achieve universal prosperity for all?

In the United States, the median real wage is about the same today as it was 28 years ago.This means that the majority of the labor force has failed to share in the gains from economic growth over the last 28 years. That is drastically different from the previous 27 years, during which the typical wage increased by about 80% in real terms. Trade has doubled as a percentage of our economy since the early 1970s, and there is no doubt that globalization has played a significant role in the worsening distribution of income here.

Now, international trade per se is obviously not the issue here, it’s international trade under the deliberately poverty-inducing stategies of the IMF-led cartel. International trade could be defined and regulated in such a way as to promote prosperity of ordinary people within economic areas:

Globalization is no more natural or inevitable than the construction of skyscrapers. The globalization we have seen in recent decades has been driven by a laborious process of rule making. It is the establishment and enforcement of these rules that allows Timberland shoes, for example, to make their product in China at wages of 22 cents an hour, and then sell it at the local suburban mall. Advances in transportation and communications did not determine this result. Our leaders have rewritten the rules of the game in a way that has driven down wages for the vast majority of American employees. One may agree or disagree with this policy, but it should be understood as a conscious political choice.
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The same thing could have been done to the salaries of doctors, for example. With much less effort and expense than it has taken to negotiate investment and trade agreements like NAFTA and the WTO, we could license and regulate the training of doctors in foreign medical schools. By allowing these doctors to practice medicine in the United States, we could lower the salaries of doctors and greatly reduce health care costs, without any loss of quality. Interestingly, the savings to consumers from reducing American doctors’ salaries to even those of Europe would be enormous: about $70 billion a year.

This is about a hundred times more than the gains from tariff reduction in our most comprehensive trade liberalization agreements, such as the one that established the WTO five years ago. Huge savings could also be achieved by introducing international competition to the practice of accountants, lawyers, economists, and other professionals. But it is unlikely to happen, because these professionals � unlike the majority of the US labor force � have enough political clout to protect themselves from international competition.