I'm apparently old enough (just 44) to remember this exact same narrative spoken about Japan, and then Korea. I just don't buy that $NEW_DEVELOPING_COUNTRY is going to eat the world, for all the reasons that it didn't happen before - as countries develop, it gets a lot harder to grow, and cheap labor stops being cheap.
China has a massive population climbing out of poverty in a single generation. For every steel worker who loses his job in the US, there are thousands of human beings going from subsistence life to one that you and I might merely consider unexciting. I think this is pretty healthy and I wouldn't call it a "negative effect of globalization" - sure, it's not a pareto improvement but it's clearly positive overall.
China has a massive population climbing out of poverty in a single generation. For every steel worker who loses his job in the US, there are thousands of human beings going from subsistence life to one that you and I might merely consider unexciting. I think this is pretty healthy and I wouldn't call it a "negative effect of globalization" - sure, it's not a pareto improvement but it's clearly positive overall.