The Expendables: How the Middle Class Got Screwed By Globalization offers a provocative and far-reaching analysis of the economic forces that have marginalized the middle class in the developed world. Jeff Rubin, former CIBC World Markets Chief Economist, presents a compelling case that the decline of the middle class was not only predictable but is a direct consequence of policy choices that favored globalization.
Through a detailed exploration of trends such as stagnant wages in North America since the 1970s, the collapse of union membership, and the shift away from full-time employment, Rubin illustrates the retreat of the middle class. He highlights how agreements like NAFTA and global economic policies such as deregulation and tax legislation that favor the wealthy have contributed to this erosion.
Rubin's argument is not only economic but also touches on the political backlash seen in events like Brexit, the rise of Donald Trump, and the growth of populism in Europe. He suggests that resolving these issues will require rethinking the fundamental ideas about capital and labor that have shaped the current system.
The Expendables is a critical examination of the developed world's economic landscape, offering insights that are both humane and rigorous, and calling for a more equitable future.
Once upon a time, the world was neatly divided into prosperous and backward economies. Babies were plentiful, workers outnumbered retirees, and people aspiring towards the middle class yearned to own homes and cars. That worldâand those rulesâare over. By 2030, a new reality will take hold, and before you know it:
There will be more grandparents than grandchildren
The middle-class in Asia and Sub-Saharan Africa will outnumber the US and Europe combined
The global economy will be driven by the non-Western consumer for the first time in modern history
There will be more global wealth owned by women than men
There will be more robots than workers
There will be more computers than human brains
There will be more currencies than countries
According to Mauro F. Guillen, the only way to truly understand the global transformations underwayâand their impactsâis to think laterally. That is, using peripheral vision, or approaching problems creatively and from unorthodox points of view. Rather than focusing on a single trendâclimate-change or the rise of illiberal regimes, for exampleâGuillen encourages us to consider the dynamic inter-play between a range of forces that will converge on a single tipping pointâ2030âthat will be, for better or worse, the point of no return.