Earlier quoted context omitted.
I agree, but for different reasons. Jobs went to third world workers, while the majority of the productivity went into shareholder pockets. That's an internal policy issue in the US, not a globalization issue (or rather, it's an unchecked capitalism issue). You can use policy to prevent unfettered blood letting of jobs to the cheapest labor sinks in the world. Globalization is not some foregone conclusion we have no…
It didn't really go to shareholders. Maybe a little at first but a global market meant that prices of goods just dropped to compensate for the 'savings'.
Data does not support your claim. Consumer excess was definitely realized due to cheaper labor in China and retailers like Walmart exerting influence on vendors, but shareholders most definitely have been receiving the majority of productivity gains.
https://www.cbpp.org/research/top-1-percent-of-americans-rea...
http://money.cnn.com/2013/03/07/news/economy/compensation-pr...
http://www.finfacts.ie/irishfinancenews/article_1021787.shtm...
https://hbr.org/2014/09/profits-without-prosperity
http://www.politifact.com/punditfact/statements/2014/jan/22/...
http://www.politifact.com/truth-o-meter/statements/2015/apr/...