In the above video, Chomsky gives a brief outline of “globalization.” What qualifies as a “good” or “bad” economic outcome can deeply depend on perspective. At the heart of the issue is ideology. Do we want a world based on global capitalization or civic globalization?
Krugman laid out the old saw there were three types of economists: liberal economists, conservative economists, and professional conservative economists. As such, economic news is frequently colored with establishment perspectives, i.e. what is good for the current rulers of the society. The view laid out is that what is good for the rulers is good for the rest of us by proxy. Lavish the rulers with riches so that they can shower us with their benevolent generosity in return. That is not democracy, but rather plutocracy. I’ll also leave the obvious parallels to Christian dogma as an exercise for the reader.
The big lies of a capitalist economy is that the rising tide lifts all ships and that capitalism and freedom are inexorably linked. China provides a perfect counter-example, it combines the latest authoritarian measures with a potent mix of global capitalism.
In the end, there is a pretext that capitalism is based on tacit consent. However, frequently the most profitable enterprises are based, not on any for of informed consent, tacit or explicit, but rather exploitation of the desperate. Disaster, as it turns out, is the ultimate capitalist enterprise. Welcome to the era of manufactured disaster.