As readers of this blog are well aware, who gets what from economic globalisation is as much a function of the machinations of finance as any relative productive capacity in the strictest physical sense.
The distribution of rewards from economic globalisation appears to be going absolutely as anyone would have predicted.
The highly paid low skill labour has been, at worst, not gaining very much while the lowly paid low skill labour has been making out like gangbusters. The owners of the now more scarce capital have been doing well for themselves.
Given that we don’t think we will ever be adding another couple of billion low paid low skilled workers to the global economy that’s that done with. And given demography we expect the global labour force to be shrinking from here on in. At which point we also expect returns to capital to be lowering, returns to labour to be rising.
Really just absolutely standard stuff and fuck all to do with the machinations of finance.