(Labor more so in the first era.) During these years huge amounts of capital moved overseas to America, Canada, and Argentina mainly due to the reduced costs of communication and transportation. The technologies driving this globalization were the telegraph and railroads. It was also facilitated by the fact that most currencies were convertible to gold. The investment in the America was also followed by a huge immigrant population. In these years, America, Canada, and Argentina had much larger immigrant populations at the turn of the 20th century than today" (Global Capitalism). Furthermore, globalization does not need to be restructured to so that economics can work better and effectively for America as well as other countries despite its flaws.
Along with that, the book points that it is easy to gather that Americans want a future that has economic prosperity that will be more abundant. This is because the American life consists of material prosperity as much as in civil liberties or political democracy is an old on as the content of the book suggests. However, since the structure of globalization does not have to be reconstructed in order to work, America is what it is supposed to be.
"What, then is the American, this new man ... ...
This is an American" (Are We Still a Middle Class Nation).
In the twenty-first century, economic changes were threatening the third American middle class because U.S. corporations started to transfer production jobs and service jobs to low-wage workers. Along with that, in many Third World countries of export-oriented development strategies made the global market for both skilled and unskilled labor to grow bigger. Reducing the cost of such imports as toys from China and shoes from Indonesia, it destroyed the jobs. Unfortunately, every sector from foreign competition, an ever growing number of manufacturing and service jobs were eliminated by technological innovations, which is a trend that will probably prove even more important than globalization over time (Are We Still a Middle Class Nation).
Due to technologically driven increases in productivity, advances in manufacturing and automation have slashed the prices of consumer appliances such as televisions and personal computers. However, productivity growth threatens the middle class and other social classes in three ways due to the poor structure of globalization, which could increase economic growth if reconstructed correctly (Are We Still a Middle Class Nation). As it is stated in the book, a cow in a foreign country makes more money than anyone in the world, which most economists cannot realize as a problem.
However, according to the book, what distinguishes the present globalization from the first is what happened in between. "After the Great Depression and World War II remedies were put into place to mitigate the damaging effects of these economic and