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Introduction

In: The Shrinking American Middle Class

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  • Joseph Dillon Davey

Abstract

Larry Summers is a man given to overstatement. The former director of Barrack Obama’s National Economic Council lost his job as president of Harvard over a few unfortunate remarks about the innate ability of female mathematicians. But he may well be proven correct about a prediction he made concerning what historians will view as the most important event in current human history: “the rise of Asia and all that follows it.” Nothing, according to Summers, will be more important than the trade, wealth, and jobs taken away from the developed economies of the West. The impact of the ongoing globalization of trade is like an iceberg that currently shows just a tiny part of itself above the water, and what we have seen thus far, while substantial, is trivial when compared to what lies in the future. We are about to see the competition for jobs and income in the United States be redefined by the globalization of trade.

Suggested Citation

  • Joseph Dillon Davey, 2012. "Introduction," Palgrave Macmillan Books, in: The Shrinking American Middle Class, pages 1-9, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-29507-1_1
    DOI: 10.1057/9781137295071_1
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