Can we get globalization right? It has emerged as an all-purpose scapegoat for our economic woes — lost jobs, depressed wages, large trade deficits, greater income inequality, anxieties about the future. The reality is otherwise: Although globalization is genuine, it's been distorted and its ills exaggerated. I have written about this before, but because the issue is so central to the campaign debate, it's worth revisiting.
There can be no doubt that globalization has been cast as an economic villain. Donald Trump recently gave a major address on the economy. It was almost exclusively devoted to the alleged evils of globalization. Here's a sample:
"Our politicians have aggressively pursued a policy of globalization — moving our jobs, our wealth and our factories to Mexico and overseas. Globalization has made the financial elite who donate to politicians very, very wealthy. ... But it has left millions of our workers with nothing but poverty and heartache."