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How does globalization increase the % of our GDP that goes to healthcare and education?
by JamesBarney 10y ago
How does globalization increase the % of our GDP that goes to healthcare and education?
- fnl 10y agoFirst, income in the US for most jobs has stagnated, inflation adjusted. Second, goods and services that can be produced cheaply due to technical advances get cheaper. This did not affect education, and medicine probably only got more expensive. At the same time, globalization accelerated this process greatly, pushing the "globalizable" products' prices even more, which means the "localized" products must get more expensive. This is known since at least 1996 as the "globalization trap."