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| The 1980s--when the IMF and the World Bank used the leverage of debt to restructure the economies of most of the Third World--are the years when slums became an implacable future not just for poor rural migrants, but also for millions of traditional urbanites displaced or immiserated by the violence of 'adjustment,'" Davis writes. We get lulled into believing that free trade with poor people will make us poor ourselves, forgetting that we live in the world's largest, and most prosperous, free trade zone, and that the people of California have not been immiserated by the rising wealth of Georgia. Globalization" will drive down most people's wages in the industrialized West, and we soon will have an embittered, immiserated 75 percent of our people ruled by "the richest 25%," including "platoons of vital young entrepreneurs" who travel first-class on transatlantic jets (the horror |
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