As Greg Mankiw wrote some time ago: “[…] to most people in [economics], the beneﬁts of an unfettered system of world trade are obvious”. [20] And Jeff Frankel and David Romer concluded in a seminal paper that “a rise of one percentage point in the ratio of trade to GDP increases income per person by at least one-half percent.” [21] However, the beneﬁts of globalisation are not distributed equally.
As employment prospects and relative wages shift, a more integrated global economy creates winners and losers. China’s integration into the world economy, for example, played a particular role in massive manufacturing job losses in the US.