This is one of the clearest explanations of the effects of globalization that I have seen. Above all, he explains the logic of globalization as it is currently influencing events and what is likely to happen in the future which is essentially a small first world and a huge third world everywhere in the world.
One might object that there are clear limits to how impoverished working people can be made – after all, workers have to be maintained as work-ready. Upward redistribution can only go so far. But ever-widening inequality is perceived by elites as feasible by virtue of the limitless possibilities of greater indebtedness. Workers can make ends meet by indefinitely mortgaging their future income.It is on the latter point where the author fails us. The future is far worse than what he describes. As I see it, more devastating wars, more police state methods, more climate chaos, more environmental degradation, as well as greater extremes of wealth and poverty are in our future...unless, of course, we of the 99% get more active and refuse to allow capitalist ruling classes to have their way.