Yes, that's pretty much exactly what's happening. See http://voxeu.org/sites/default/files/image/FromMay2014/laknerfig1_2.png http://voxeu.org/sites/default/fil

Yes, that's pretty much exactly what's happening. See http://voxeu.org/sites/default/files/image/FromMay2014/laknerfig1_2.png http://voxeu.org/sites/default/files/image/FromMay2014/lakne... From this chart, we can clearly see that the middle class of the western world (80th percentile) has been paying all the cost of globalization. What's worse is that this chart is only in terms of income growth. I think if we looked at the percentile breakdown in terms of wealth growth, it would be even worse (remember, if you're wealthy, you can reinvest most of your income and it will compound over time).