Winners of Globalization: The Rich and The Chinese Middle Class. Losers: The American Middle Class

The double whammy of job‐displacing technological advance and wage‐deflating globalization has demoted the American middle class, even as the rich get richer from access to global markets and from their slice of profits from managing massive global financial flows. The specter of growing inequality is haunting free‐market capitalism as never before since the early days of the Industrial Revolution. What is happening? What is to be done? Top economists take a hard look at a hard reality.