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Noam Chomsky
12/07/18
@ MIT Video Productions
The current form of globalization has resulted in economic failure for the majority, with a decline in the share of economic product going to working people.
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Noam Chomsky - Foundations of World Order: the UN, World Bank, IMF & Decl. Human Rights 1999
@ MIT Video Productions
12/07/18
Related Takeaways
JV
JD Vance
04/23/25
@ a16z
The failure of globalization should not be seen as a failure of innovation; rather, the pursuit of cheap labor has hindered innovation and hurt both workers and innovators.
NC
Noam Chomsky
12/07/18
@ MIT Video Productions
The economic model being globalized reflects a structure where a small sector of extremely wealthy individuals exists alongside a large population struggling between survival and suffering.
NC
Noam Chomsky
12/07/18
@ MIT Video Productions
The true nature of globalization is that the North, represented by the G7, seeks maximum benefits while the South is only entitled to a limited margin of development.
NC
Noam Chomsky
12/07/18
@ MIT Video Productions
The dismantling of the Bretton Woods System since the 1970s has led to economic slowdown and increased inequality, contrasting sharply with the previous Golden Age of Post-War Capitalism.
NC
Noam Chomsky
12/07/18
@ MIT Video Productions
The fairy tale economy benefits the wealthy while the majority of the population experiences stagnation or decline in their economic status.
NC
Noam Chomsky
12/07/18
@ MIT Video Productions
The current economic recovery is unusual because it has left most of the population behind, with real wages significantly lower than they were decades ago.
JV
JD Vance
04/23/25
@ a16z
Globalization has led to a misunderstanding that manufacturing can be separated from design, resulting in countries that manufacture also becoming adept at design, which has squeezed American industries.
JV
JD Vance
04/23/25
@ a16z
Countries that imported large amounts of cheap labor have seen productivity stagnate, indicating a direct connection between cheap labor and economic performance.
NC
Noam Chomsky
12/07/18
@ MIT Video Productions
The concept of worker insecurity is used to explain the health of the economy, but it does not correlate with the well-being of the majority of people.