"Economic theory tells us that globalization is a win-win, but it isn't, at least not in the West," Roach said. "The theory was written for another era. We have to ask some hard questions about unfettered capitalism. We need a new script."Who is this Roach character? No doubt some left-wing lunatic, working for the ILO. Wait:
...Stephen Roach, chief economist for Asia at Morgan StanleyMorgan Stanley, whaa??-- the barbarians are at the gates! Where is Senator McCarthy when you really need him?
Honestly, it does appear as though we need to protect some major blue-collar industries. Full-on protectionism probably isn't necessary and would result in greater harm than , but I fear that globalization has resulted in stagnation for working people and strong gains for the educated business elites.