Globalization's Impact on Income Growth

Globalization, especially during the information revolution (1988-2008), led to substantial gains in living standards for the previously poorest 5% of the world population, showing some degree of improvement, but not as significant as for wealthier groups.

A period of transformative technological advancement, primarily the rise of the internet and mobile phones, impacting global trade and manufacturing practices.

Global economic interconnectivity in the time before the information revolution.

Global economic interconnectivity in the time after the information revolution.

Worldwide networks formed to produce and distribute products and services.

Differing outcomes of economic globalization, where some groups see substantial gains while others do not.

Measures of economic well-being, including income, access to goods and services, and quality of life.

A visual representation of wealth distribution and associated changes in living standards across countries, used to represent impact of changes in global trade and economies.

Automation is replacing human workers in many industries, particularly manufacturing and finance.

A large portion of lost manufacturing jobs in the U.S. are due to robots.

Some countries that benefited from previous globalization, like China, now face increased job displacement from automation.

Automation is a significant change in the globalization dynamics, making some countries more vulnerable to job displacement.

Globalization has led to improved health, increased life expectancy, more opportunities for children, higher wages, and a larger number of democracies across the world.

Robots are displacing workers in various sectors like banking and manufacturing.

Financial analysis and investment decisions made by algorithms rather than human analysts.

Automated systems, including robots and algorithms, are taking over more jobs.

Dramatic increase in the economic output of many countries, like India, China, Mexico, and Brazil, over the past 20 years.

A term for nations that were formerly considered less developed and economically disadvantaged.

A condition in which people lack basic necessities like food, water, and shelter.

Significant improvement in the quality of lives in developing countries, resulting from integration into global supply chains.

A group of people who are economically stable and enjoy a decent standard of living in developed countries such as US, Canada and Western Europe.

Limited increase in earnings for the middle class in developed countries over time, compared to expectations or previous improvements.

Middle-class workers in developed countries encountering competition from workers internationally who have lower wages.

Worker competition with automated processes in their own countries.

The relative share of income held by various groups in the society.

The wealthiest people seeing considerable increases in their income.

Exceptional returns reaped by those succeeding in global markets.

Companies moving manufacturing or other jobs to countries with lower labor costs.

Growing resentment within the working and middle classes in developed countries towards globalization and free trade due to perceived economic disadvantage.

A time period marked by advancements in technology and knowledge, impacting economies and societies globally.