Winning Over Globalization’s Losers
The large net gains from global economic integration clearly are not enough to convince those who have lost their jobs and the many others who feel at risk. But wage insurance and a mobility allowance would enable vulnerable workers to adjust to these risks, promising benefits that would far outweigh the costs.
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On both sides of the Atlantic, many view economic globalization as a threat to below-average earners. According to a recent poll by the German Marshall Fund, majorities in France, Germany, and the United States favor maintaining existing trade barriers, even if doing so hampers economic growth. Clearly, the large net gains from global economic integration are not enough to convince those who have lost their jobs and the many others who feel at risk.