Capitalism-Globalism

The stimulus for last week’s blogs was an article I read in Reuters.  After reading the article, I also read readers comments, which I generally avoid.  I pondered on it for a while.  I ask questions, not for annoyance but because I want answers.  I want to better understand.  I don’t want to be ignorant.  If there is a solution, then let’s get to it.  My bluntness is often mistaken for arrogance or high mindedness.  However, I am results oriented – efficiency effectiveness without compromising detail and organization. It takes more energy to complain about what’s wrong, then to get to the business of fixing it. If it isn’t my field of knowledge, I ask people in the field to help me understand. Is there a gap in my reasoning?  Ignorance is not bliss and knowledge is power. So I asked a good friend and mentor adept in economics and foreigns affairs.

My long winded question to him:
What is your take on the author’s premise?  I provided a link to the article below. I am technically middle class. Even the legal market has outsourcing. Advancement in technology has lessened the need for the number of attorneys.  Computers and software systems do 50% of what used to comprise “attorney work.”  Technology coupled with outsourcing and supply exceeding demand has made the legal profession unstable and unreliable.  That is why I am trying to branch out.  I guess my real question: what is the state of America’s middle and lower class if we are not investing in education so that our students are competitive in a global economy?
http://blogs.reuters.com/chrystia-freeland/2011/04/15/capitalism-is-failing-the-middle-class/

His response:

I think the thesis of the article is right on.  Globalization has hollowed out our manufacturing capacity and made knowledge jobs more lucrative and other jobs less so.  And as Spence says it has helped the rest of the world, that is the countries who are vigorously participating in international trade. 
 
Bush’s tax cuts for the wealthy were perverse, helping those who were already being given a full serving of additional income.  Much of the globalization dynamics will come to an end when the foreign wages around the world rise a good bit, but can we wait that long?  I don’t think so.  So what do we do.  As tom Friedman says over and over:  we invest in education and new technology by creating the incentives for US business to do what it is best at – taking risk and innovating.
Ronda Lee
Founder, Editor-in-Chief
Ronda is an attorney, writer, and entrepreneur. She is a contributing writer for the Huffington Post. Originally from Chicago, she has lived in Los Angeles and New York. She loves to travel and is passionate about education equity, especially for first generation college students.