The non-winners in globalization are the Western World’s middle classes.
.. “The biggest losers (other than the very poorest 5 percent), or at least the ‘non-winners,’ of globalization were those between the 75th and 90th percentiles of the global income distribution whose real income gains were essentially nil,” according to Milanovic. “These people, who may be called a global upper-middle class, include many from former Communist countries and Latin America, as well as those citizens of rich countries whose incomes stagnated.”
“When people like Deutsche Bank are starting to say, ‘maybe capitalism needs a form of reinvention,’ maybe that’s the time to start listening to that,” he said during an interview onBloombergTV
. “It’s not Bernie Sanders; it’s a global investment bank.”
.. “What’s now captured the interest of intellectuals is the elephant chart, the idea that over the past 30 years the winners were emerging market middle classes and the 1 percent in developed markets, but the developed markets’ middle classes were stagnant,”