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Content: The blame for three decades of stagnant wages in most advanced countries is often laid at the doorstep of globalization, particularly competition from low-wage developing exporters. Globalization is clearly contributing to increased integration of labor markets and closing the wage gap between workers in advanced and developing economies, especially through the spread of technology. It also plays a part in increasing domestic income inequality. But erecting protectionist policies to stanch the forces of globalization is not the best response. Policymakers must instead focus on what can be done to help workers adjust to a changing world. The Imperfect Integration of Labor Markets
We are very far from a global labor market, as evidenced by a wide disparity in wages. One studyfinds that the median wage for jobs in advanced countries is two and a half times the wage level for jobs with similar skill levels in the most advanced developing countries, and five times the level in low-income countries. In 2008, a Chinese manufacturing worker earned about one-twentieth the wage level of a U.S. manufacturing worker; a Mexican, one-sixth. That gap, however, is narrowing in part due to globalization.