The American public is turning hard against globalization.
Friday, August 1, 2008 at 04:32PM
Skeptic in Free trade, Globalization

In 1997, nearly twice as many college graduates thought globalization was good for America as thought globalization was bad. In March 2008, attitudes of college graduates had flipped—1.4 times as many thought globalization was bad as thought it was good. Respondents with only high school educations thought globalization was bad in 1997 and were more strongly of that opinion in March 2008. The polls were conducted by NBC News and the Wall Street Journal and reported by WSJ here.

That a college education is less well compensated now than in 1997 is undeniable. For example, graphs attached to the WSJ post show that inflation-adjusted incomes of all educational groups with bachelor's degrees or less have declined from 2001 (the bottom of a recession) to 2007 (the growth cycle top). Only groups with Ph.D. or professional degrees had increases during this expansionary period.

The question is whether the people polled accurately attributed their pain to globalization. So far, the only contrary argument presented by globalization boosters is that "we have faith that globalization is good, so if something bad is happening globalization can't be the cause." Evidently, the victims of globalization are choosing to believe their own lying eyes instead.

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