westpac workers to train their replacements, page-20

Yes globalisation has lifted many people out of poverty in third world countries but at the expense of the first world countries.

Which is why their is chronic high employment in the USA and parts of Europe.
Which is why America has a massive trade imbalance and massive budget deficits.

Manufacturing industries are the industries that provide massive employment. They have moved to Asia and the incomes and taxes they generate have moved also.

The 1% in America they talk about are the higher levels of company executives, shareholders, superfunds and wealthy individuals benefited from this.The super funds collectively have a lot but average person owns very little super.

Australia would be in the same position as other western nations if it was not for mining. Luckily you cannot offshore iron ore deposits.

Politicians have not woken up to the fact that globilisation is actually bad for their domestic economies.
Chinese politicians do not give a hoot about lifting the world poor countries out of poverty they are only worried about China and the Chinese people.

Without manufacturing a country is on a slippery slope to poverty which is what is happening to America right now but so many people are blind to this fact.

Apple generates profits of $28 billion a year but none of their product is made in America. It has $60 billion sitting in the bank because it does not know what to do with it. Cook the new CEO just got stock options with $450 million. What has he done for that, what good does Apple do for all of those Americans looking for work?