Globalization will destroy incomes for the vast majority in the developed world, guaranteed. We’ve been at a plateau for the last thirty years (the average person in the US makes slightly less than he did in 1973). A descent to global norms for similarly skilled/trained labor is inevitable. Work is now globally fungible. Comparative advantage only applies to corporations, not nation-states and their populations.
A descent to the global norm means a reduced standard of living for the US, something which will have unsettling and unpredictable social consequences.
Of course we could reinvent the country with cleantech, thus creating huge numbers of new jobs and technologies. Then maybe the descent won’t happen. But we need to start now.
Robb makes a good point, and one I’ve not seen elsewhere. Yes, globalization doesn’t help counties or people, only corporations. And even then, it’s a race to the bottom, doing everything as cheaply as possible.