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The Expendables: How the Middle Class Got Screwed By Globalization
From the #1 bestselling author of Why Your World Is About to Get A Whole Lot Smaller , a provocative, far-reaching account of how the middle class got stuck with the bill for globalization, and how the blowback—from Brexit to Trump to populist Europe—will change the developed world.
Real wages in North America have not risen since the 1970s. Union membership has collapsed. Full-time employment is beginning to look like a quaint idea from the distant past. If it seems that the middle class is in retreat around the developed world, it is.
Former CIBC World Markets Chief Economist Jeff Rubin argues that all this was foreseeable back when Canada, the United States and Mexico first started talking free trade. Labour argued then that manufacturing jobs would move to Mexico. Free-trade advocates disagreed. Today, Canadian and American factories sit idle. More steel is used to make bottlecaps than cars. Meanwhile, Mexico has become one of the world's biggest automotive exporters. And it's not just NAFTA. Cheap oil, low interest rates, global deregulation and tax policies that benefit the rich all have the same the erosion of the middle class.
Growing global inequality is a problem of our own making, Rubin argues. And solving it won't be easy if we draw on the same ideas about capital and labour, right and left, that led us to this cliff. Articulating a vision that dovetails with the ideas of both Naomi Klein and Donald Trump, The Expendables is an exhilaratingly fresh perspective that is at once humane and irascible, fearless and rigorous, and most importantly, timely. GDP is growing, the stock market is up and unemployment is down, but the surprise of the book is that even the good news is good for only one percent of us.
Real wages in North America have not risen since the 1970s. Union membership has collapsed. Full-time employment is beginning to look like a quaint idea from the distant past. If it seems that the middle class is in retreat around the developed world, it is.
Former CIBC World Markets Chief Economist Jeff Rubin argues that all this was foreseeable back when Canada, the United States and Mexico first started talking free trade. Labour argued then that manufacturing jobs would move to Mexico. Free-trade advocates disagreed. Today, Canadian and American factories sit idle. More steel is used to make bottlecaps than cars. Meanwhile, Mexico has become one of the world's biggest automotive exporters. And it's not just NAFTA. Cheap oil, low interest rates, global deregulation and tax policies that benefit the rich all have the same the erosion of the middle class.
Growing global inequality is a problem of our own making, Rubin argues. And solving it won't be easy if we draw on the same ideas about capital and labour, right and left, that led us to this cliff. Articulating a vision that dovetails with the ideas of both Naomi Klein and Donald Trump, The Expendables is an exhilaratingly fresh perspective that is at once humane and irascible, fearless and rigorous, and most importantly, timely. GDP is growing, the stock market is up and unemployment is down, but the surprise of the book is that even the good news is good for only one percent of us.
368 pages, Paperback
Published February 1, 2022
49 people are currently reading
678 people want to read
About the author
Jeff Rubin
15 books44 followersLibrarian Note: There is more than one author in the GoodReads database with this name. See this thread for more information.
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Displaying 1 - 30 of 67 reviews
July 30, 2021
He has some interesting stuff to say and I've never had the downsides of globalization explained so well. But the author makes some startling contradictions. He makes a very interesting point that measuring the success of a country by GDP and number of jobs is irrelevant because GDP only really affects the wealth of the wealthy class and because wages have largely not kept up with inflation. But then he just completely forgets to apply it to his analysis. He seems enamored with the Trump administration's commitment to pushing back against free trade agreements. Opposition to free trade agreements isn't purely a Trumpian issue as he points out the similarities between Trump and Sanders. But then for some reason he goes on to praise Trump for trying to bring manufacturing jobs and commercial investment back to the United States by imposing tariffs on China. Which are the very thing he argued earlier isn't a relevant reflection of how well people are doing within a country. The author's support of the Trump administration's policies and tactics begin to wear and agitate as the book goes on. His alignment with Trump does not help his credibility and is the main reason I did not finish this book. If anyone is a GDP and jobs president, it is DJT. Nowhere in Trump's policies does he seek to raise worker's wages or boost the incomes of the middle class. Or build up America's crumbling infrastructure. Isn't that the answer to the problem if the author's own argument about GDP and jobs numbers being irrelevant is true? Who did Trump give the majority of his flagship tax cut to, again? Don't ask Jeff Rubin, he doesn't seem to remember.
October 10, 2020
Listen to the honest and non conformist!
Being bombarded by misguided media which is constantly tuned to the liberal so called “progressive” agenda, it is a relief to hear a true and honest voice.
If you belong to the middle class and live in the western world, globalization had screwed you. Consequently there is a backlash against globalization and free trade.
So, who is smarter? Americans who elected Trump or Canadians who elected Trudeau? The answer will depend on who you are. If you are not one of the top 10% earners and you think Canadians are smart to have Trudeau and not Trump, you must read this book.
COVID- 19 is another wake up call that it is too risky to be dependent on others to manufacture your essential goods. Add to the harm a list of rising inequality, economical regression of the core middle class, and environmental pollution.
I recommend reading this book and voicing your objection!
Being bombarded by misguided media which is constantly tuned to the liberal so called “progressive” agenda, it is a relief to hear a true and honest voice.
If you belong to the middle class and live in the western world, globalization had screwed you. Consequently there is a backlash against globalization and free trade.
So, who is smarter? Americans who elected Trump or Canadians who elected Trudeau? The answer will depend on who you are. If you are not one of the top 10% earners and you think Canadians are smart to have Trudeau and not Trump, you must read this book.
COVID- 19 is another wake up call that it is too risky to be dependent on others to manufacture your essential goods. Add to the harm a list of rising inequality, economical regression of the core middle class, and environmental pollution.
I recommend reading this book and voicing your objection!
October 19, 2020
I would have been a lot more eager to give this a higher rating if it wasn’t such a blatant pro-Trump text. I commend the author’s ability to present the positive things Trump has attempted to do in terms of containing the ill effects of globalization, but the counter arguments are glaringly missing. Instead of repeating himself in every chapter, Rubin might have considered showing both sides of the debate if his side is so clearly stronger. Anyway, I appreciated the talk on cell phone economics and there were other points I’ll take with me... but just be careful how much of this book you take as gospel. There’s a clear agenda and it’s really just a more eloquent trump rally.
August 18, 2020
The author did an excellent job of explaining how only 1% of our population benefits, even with a strong stock market and low unemployment. Many of us see these numbers on the news and think it is a good sign, but our middle class situations do not change. The middle class is suffering due to companies cutting costs by outsourcing more. Companies saving money equals lower wages or job losses. This is a book that every person needs to read to see what is really going on.
May 13, 2023
There’s not a lot new in Jeff Rubin’s “The Expendables: How the Middle Class Got Screwed by Globalization.”
In fact, we can go back to William Greider’s 1997 classic “One World, Ready or Not: The Manic Logic of Global Capitalism” to hear many of the same complaints about globalization.
Yes, China and other low-cost producers have sucked manufacturing jobs out of OECD countries.
Rubin updates the argument with his take on why Donald Trump and other crypto-fascist world leaders represent the forgotten middle-class.
Rubin hails Trump as the only president to really go against the grain to bring back manufacturing jobs to America since the inception of this round of globalization, except when you factor in the pandemic that isn’t actually the case.
For a more frank and entertaining take on how the middle-class has lost out I recommend the Instagram feed of former labour secretary and egghead Robert Reich. I also recommend Six Faces of Globalization: Who Wins, Who Loses, and Why it Matters, by Anthea Roberts et al.
With regard to Canadian economics, Rubin understates the long term decline of the Canadian resource sector on government revenues.
For a discussion on the increased influence of the financial services industry on the economy I’d refer you Mariana Mazzucato’s “The Value of Everything: Making and Taking in the Global Economy.”
Rubin ignores the research of Thomas Piketty which clearly showed how the rich vacuumed capital in his landmark “Capital in the Twenty-First Century.”
For a discussion of sustainable and equitable global economic development I recommend Kate Raworth’s “Doughnut Economics: Seven Ways to Think Like a 21st Century Economist.”
And for a longer term view of why the US economy has stalled read Robert J. Gordon’s “The Rise and Fall of American Growth: The US standard of Living Since the Civil War.” From 1870-1940 things got way better at a pace that was unlikely to continue, regardless of globalization.
Where Rubin gets my attention, however, is on his brief discussion of migration. Rubin suggests that if the World Trade Organization (WTO) was really serious about free trade its members would allow the free flow of migrant workers from low wage localities to the higher wage centres like the US, Canada, and Australia. That way wages and opportunities would eventually equalize around the world.
The European Union and one could also say that the United States have been experiments on this model. But as long as there’s a booby hatch — as Brexit demonstrated recently — such experiments are bound to fail.
The United States put down its own rebellion in a bloody contest of will in the Civil War 1861-1865.
I’ve long held that this story of migrant workers is long from over, and that if migrant workers were given equal political standing in their adopted countries the political landscape would be much different than it is today.
In fact, we can go back to William Greider’s 1997 classic “One World, Ready or Not: The Manic Logic of Global Capitalism” to hear many of the same complaints about globalization.
Yes, China and other low-cost producers have sucked manufacturing jobs out of OECD countries.
Rubin updates the argument with his take on why Donald Trump and other crypto-fascist world leaders represent the forgotten middle-class.
Rubin hails Trump as the only president to really go against the grain to bring back manufacturing jobs to America since the inception of this round of globalization, except when you factor in the pandemic that isn’t actually the case.
For a more frank and entertaining take on how the middle-class has lost out I recommend the Instagram feed of former labour secretary and egghead Robert Reich. I also recommend Six Faces of Globalization: Who Wins, Who Loses, and Why it Matters, by Anthea Roberts et al.
With regard to Canadian economics, Rubin understates the long term decline of the Canadian resource sector on government revenues.
For a discussion on the increased influence of the financial services industry on the economy I’d refer you Mariana Mazzucato’s “The Value of Everything: Making and Taking in the Global Economy.”
Rubin ignores the research of Thomas Piketty which clearly showed how the rich vacuumed capital in his landmark “Capital in the Twenty-First Century.”
For a discussion of sustainable and equitable global economic development I recommend Kate Raworth’s “Doughnut Economics: Seven Ways to Think Like a 21st Century Economist.”
And for a longer term view of why the US economy has stalled read Robert J. Gordon’s “The Rise and Fall of American Growth: The US standard of Living Since the Civil War.” From 1870-1940 things got way better at a pace that was unlikely to continue, regardless of globalization.
Where Rubin gets my attention, however, is on his brief discussion of migration. Rubin suggests that if the World Trade Organization (WTO) was really serious about free trade its members would allow the free flow of migrant workers from low wage localities to the higher wage centres like the US, Canada, and Australia. That way wages and opportunities would eventually equalize around the world.
The European Union and one could also say that the United States have been experiments on this model. But as long as there’s a booby hatch — as Brexit demonstrated recently — such experiments are bound to fail.
The United States put down its own rebellion in a bloody contest of will in the Civil War 1861-1865.
I’ve long held that this story of migrant workers is long from over, and that if migrant workers were given equal political standing in their adopted countries the political landscape would be much different than it is today.
January 28, 2021
This is a pro-Trump screed that uses the same deception of the Donald - cloaking his arguments as concern for the middle class ordinary Americans, while promoting ideas and policies which are directly contrary to their interests.
This is a clearly mercantilist viewpoint, that views trade as a zero-sum game ("that's the way it works, if there are going to be winners there are have to be losers" p.175) and defines globalisation as "a complex supranational trading system that ignores or even tramples national interests" p.209. The author applauds Mr. Trump and his ignoring of the commitments that the U.S. signed up to as a member of the WTO and like his hero trashes the 'so-called rules-based system'. There is of course no mention of the potential harm of subverting that system, the harm that has been caused to other countries by Trump's actions and unilateral dealing with General Secretary Xi and the long-term harm to the global economy of ripping up rules that have been long established.
The greatest fraud within this book relates to the suggestion promoted by its very title; it purports to be written as a message of concern for the middle-class 'expendables'; in reality the book is very limited in comments on this group. There is indeed a book to be written about the suffering of these people,this is not it, not a single member of this group is interviewed or quoted. Further all of Trump's policy proposals that the author applauds as the right thing to do are never evaluated with respect to their impact on this group or indeed there is no evidence at all presented on the outcomes of these actions.
Many reviews suggest that the author is questioning accepted wisdom, no he is disputing accepted facts and promoting theories which have been disproven many times over. A disingenuous, intellectually challenged, vitriolic dangerous little book, in fact the printed equivalent of Mr. Trump himself.
This is a clearly mercantilist viewpoint, that views trade as a zero-sum game ("that's the way it works, if there are going to be winners there are have to be losers" p.175) and defines globalisation as "a complex supranational trading system that ignores or even tramples national interests" p.209. The author applauds Mr. Trump and his ignoring of the commitments that the U.S. signed up to as a member of the WTO and like his hero trashes the 'so-called rules-based system'. There is of course no mention of the potential harm of subverting that system, the harm that has been caused to other countries by Trump's actions and unilateral dealing with General Secretary Xi and the long-term harm to the global economy of ripping up rules that have been long established.
The greatest fraud within this book relates to the suggestion promoted by its very title; it purports to be written as a message of concern for the middle-class 'expendables'; in reality the book is very limited in comments on this group. There is indeed a book to be written about the suffering of these people,this is not it, not a single member of this group is interviewed or quoted. Further all of Trump's policy proposals that the author applauds as the right thing to do are never evaluated with respect to their impact on this group or indeed there is no evidence at all presented on the outcomes of these actions.
Many reviews suggest that the author is questioning accepted wisdom, no he is disputing accepted facts and promoting theories which have been disproven many times over. A disingenuous, intellectually challenged, vitriolic dangerous little book, in fact the printed equivalent of Mr. Trump himself.
October 17, 2020
In short, an accessible, comprehensive and timely read to understanding the current state of world (2020) from 'Global Trade' (and more eg. diplomacy, politics) perspective because the reality it captures is representative of our past, present and future - pertinent to understanding why the fundamentals of our current 'world' (a catch-all term) is changing for good (my opinion), and more importantly where each of us stand.
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Aside from the deep knowledge and comprehensive analysis on current affairs that makes The Expendables an informative and timely read, I also appreciated the logistical side of writing.
The presented concepts, analysis and linkages were articulated simplistically using non-jargon words, and reiterations of the same thinking points but using different sentence structures and words.
This means the read is accessible to those who seek to understand global trade from pragmatic standpoint even without an academic/professional background in economics or finance.
On top of that, the entire reading experience was engaging despite being a 'dry' and complex topic, because much of the required 'brain work' to adequately understand the linkages has been made explicit - not only did this save time, but also progressive built up my understanding without interruptions from having to reread or research.
---
Aside from the deep knowledge and comprehensive analysis on current affairs that makes The Expendables an informative and timely read, I also appreciated the logistical side of writing.
The presented concepts, analysis and linkages were articulated simplistically using non-jargon words, and reiterations of the same thinking points but using different sentence structures and words.
This means the read is accessible to those who seek to understand global trade from pragmatic standpoint even without an academic/professional background in economics or finance.
On top of that, the entire reading experience was engaging despite being a 'dry' and complex topic, because much of the required 'brain work' to adequately understand the linkages has been made explicit - not only did this save time, but also progressive built up my understanding without interruptions from having to reread or research.
March 20, 2020
The impact of free trade, global deregulation and tax policies has resulted in an economic inequality to the middle class workers, causing them to be expendable workers. As the corporations, shareholders and wealthy benefit from the profits and tax breaks, the standard of living for the middle class has deteriorated to the point that they are worse off than the previous generations.
While Jeff Rubin provides historical information and interesting analysis of the situation in the past decade, concentrating on the impact on the United States workers, particularly in the steel and automotive industry, there is an underlying viewpoint that keeps being mentioned, that makes some of the information appear biased.
He is constantly supporting Donald Trump's decisions on trade agreements and immigration which resulted in additional jobs for the middle classes (but not necessarily an improvement in the standard of living). China is presented as the mega power that is planning to take over the world, while only touching on the fact that history shows other powerful countries trying to dominate economically weaker/poorer countries. Any decline in Canada's industries and economy, is their own fault, as Canada did not support Trump's policies.
While Jeff Rubin provides historical information and interesting analysis of the situation in the past decade, concentrating on the impact on the United States workers, particularly in the steel and automotive industry, there is an underlying viewpoint that keeps being mentioned, that makes some of the information appear biased.
He is constantly supporting Donald Trump's decisions on trade agreements and immigration which resulted in additional jobs for the middle classes (but not necessarily an improvement in the standard of living). China is presented as the mega power that is planning to take over the world, while only touching on the fact that history shows other powerful countries trying to dominate economically weaker/poorer countries. Any decline in Canada's industries and economy, is their own fault, as Canada did not support Trump's policies.
November 1, 2020
Or maybe it’s 5 Stars. The writing is a rush, like a breathless exposé in
Rolling Stone Magazine. But as to unearthing some hard truths challenging conventional wisdom, it makes you think. You read this and you understand why Donald Trump won in 2016. And may again on November 3 2020. Who benefited from the shift to global free trade? Not the expendable Baby Boomer middle class, and now their kids, in the OECD.
Now I think I’ll see what he has to say in The Carbon Bubble.
Rolling Stone Magazine. But as to unearthing some hard truths challenging conventional wisdom, it makes you think. You read this and you understand why Donald Trump won in 2016. And may again on November 3 2020. Who benefited from the shift to global free trade? Not the expendable Baby Boomer middle class, and now their kids, in the OECD.
Now I think I’ll see what he has to say in The Carbon Bubble.
May 3, 2021
Did a fantastic job outlining how free trade/globalization impacted the middle-class. Would have loved a more detailed analysis on the Canadian impact and solutions to improve the access to the middle class for Canadians.
March 18, 2020
I learned so much about the way governments work and how companies would do anything to save some money. This book was a eye opener.
November 19, 2020
Rubin describes how globalization over the last several decades has wrought havoc on the middle class in both Canada and the United States. As businesses sought out cheaper locations and much much cheaper labour, the balance between what’s good for business owners (shareholders) and what’s good for workers tilted in favour of the former who manage to convince (by lobbying) politicians that globalization and “free” or “managed trade” is in the best interest of everyone, when in fact, it’s not been so.
The Auto Pact (1965-1987) guaranteed that Canada would produce at least as many cars as were sold within its borders. However, post that deal, Rubin is particularly critical of our North American Trade deals that have since decimated our automobile industry in favour in Mexico (with its $4/hr workers and no effective trade unions). While these trade deals have been good for the owners (shareholders) of the auto companies and also auto part companies (like Magna and Linamar), our auto workers have lost out. He notes, as one example, the GM plant in Oshawa has gone from once employing over 20,000 to under 1,000. Otherwise he declines to put numbers to these auto making job losses.
He goes well beyond North America in describing the abundant supply of labour worldwide competing for scarce jobs that, in turn, put downward pressure on wages.
Rubin is not “pro” Trump as some reviewers seem to conclude. He correctly points out the appeal of Trump who recognized the discontent of workers who had lost good paying jobs in America’s rust belt. He also recognizes that Trump’s December 2017 Tax Cuts and Jobs Act was one of the largest corporate tax cuts in American history and he points out that policy allowed corporations to continue to back shares, raise dividends and also give their executives generous stock options.
Rubin, towards the end of his book, points to the appeal of politicians in various countries who see the discontented middle class and offer alternative policies such as cracking down on global tax shelters, redistributing wealth through progressive taxation, raising tariffs (to protect jobs) and raising the minimum wage. He ends it with the prediction that, because of the COVID pandemic, borders will thicken, and with broken supply chains (critical things such as ventilators were not available), there will be a backlash and much more emphasis on local sourcing (and hence jobs).
Mistakenly, he gives almost no credence to the role of automation in decimating jobs. As one example, between 2000 and 2015 output in Canadian mines increased by 100 percent, yet employment dropped by 6 percent. New and better equipment replaced mine workers rather than international trade. In manufacturing in the U. S., studies have shown significant job loss has been the result of automation rather than international trade.
As well, I’d also disagree with his ending that suggests change may be coming. The politicians who offer the alternative policies he’s noted (see above) can’t be just pontificating on the sidelines but need to be in power. As well, they also need to be in a multitude of countries (otherwise corporations will just shift their locations) before any meaningful change can actually occur. And finally, he does not give enough attention to the effects of corporate lobbying on politicians who make the rules we must live by.
Overall, written with the knowledge of the pandemic up to May 2020, his book is a very interesting read.
The Auto Pact (1965-1987) guaranteed that Canada would produce at least as many cars as were sold within its borders. However, post that deal, Rubin is particularly critical of our North American Trade deals that have since decimated our automobile industry in favour in Mexico (with its $4/hr workers and no effective trade unions). While these trade deals have been good for the owners (shareholders) of the auto companies and also auto part companies (like Magna and Linamar), our auto workers have lost out. He notes, as one example, the GM plant in Oshawa has gone from once employing over 20,000 to under 1,000. Otherwise he declines to put numbers to these auto making job losses.
He goes well beyond North America in describing the abundant supply of labour worldwide competing for scarce jobs that, in turn, put downward pressure on wages.
Rubin is not “pro” Trump as some reviewers seem to conclude. He correctly points out the appeal of Trump who recognized the discontent of workers who had lost good paying jobs in America’s rust belt. He also recognizes that Trump’s December 2017 Tax Cuts and Jobs Act was one of the largest corporate tax cuts in American history and he points out that policy allowed corporations to continue to back shares, raise dividends and also give their executives generous stock options.
Rubin, towards the end of his book, points to the appeal of politicians in various countries who see the discontented middle class and offer alternative policies such as cracking down on global tax shelters, redistributing wealth through progressive taxation, raising tariffs (to protect jobs) and raising the minimum wage. He ends it with the prediction that, because of the COVID pandemic, borders will thicken, and with broken supply chains (critical things such as ventilators were not available), there will be a backlash and much more emphasis on local sourcing (and hence jobs).
Mistakenly, he gives almost no credence to the role of automation in decimating jobs. As one example, between 2000 and 2015 output in Canadian mines increased by 100 percent, yet employment dropped by 6 percent. New and better equipment replaced mine workers rather than international trade. In manufacturing in the U. S., studies have shown significant job loss has been the result of automation rather than international trade.
As well, I’d also disagree with his ending that suggests change may be coming. The politicians who offer the alternative policies he’s noted (see above) can’t be just pontificating on the sidelines but need to be in power. As well, they also need to be in a multitude of countries (otherwise corporations will just shift their locations) before any meaningful change can actually occur. And finally, he does not give enough attention to the effects of corporate lobbying on politicians who make the rules we must live by.
Overall, written with the knowledge of the pandemic up to May 2020, his book is a very interesting read.
May 1, 2021
This book brings up some interesting discussions regarding globalization and its effects on the western world. I feel like the focus of the book is a big vague, the author starts the discussion of how globalization and offshoring have affected the USA's middle class then jump into Donald Trump and what Trump did. I think the author has a little too much enthusiasm for Trump, which may make some people stop reading it if they are unable to put aside their own opinions. Those that are able to be objective while reading the book, is rewarded with interesting discussions on tarrifs and how those are important due to globalization where a company can easily move production elsewhere if they don't like the demands of its workers.
The last part talks about China and the horrendous policies they are enforcing in the world. This was quite interesting and while China is the biggest player in the globalization game, it felt like it could be a separate book.
The book felt too long even though I "read" it as an audio book and would have been beneficial if it was 30-40% shorter. In all, it was a good read and I learned things that I did not know before.
The last part talks about China and the horrendous policies they are enforcing in the world. This was quite interesting and while China is the biggest player in the globalization game, it felt like it could be a separate book.
The book felt too long even though I "read" it as an audio book and would have been beneficial if it was 30-40% shorter. In all, it was a good read and I learned things that I did not know before.
Read
September 15, 2021[A] snappily written work.
Fiona Capp, The Age
Rubin … leverages his firm grasp of geopolitics and economics to offer not only a primer on macroeconomics, but also on how globalisation — that is, the process of opening up international markets — has routed the middle class and propped up the elite.
Winnipeg Free Press
The latest from the author of Why Your World Is About to Get a Whole Lot Smaller continues his disruptive ways in this analysis of how the collapse of union membership and the near obsolescence of full-time employment is squeezing out the middle class … [Rubin] is a fiercely independent thinker.
NOW
Fiona Capp, The Age
Rubin … leverages his firm grasp of geopolitics and economics to offer not only a primer on macroeconomics, but also on how globalisation — that is, the process of opening up international markets — has routed the middle class and propped up the elite.
Winnipeg Free Press
The latest from the author of Why Your World Is About to Get a Whole Lot Smaller continues his disruptive ways in this analysis of how the collapse of union membership and the near obsolescence of full-time employment is squeezing out the middle class … [Rubin] is a fiercely independent thinker.
NOW
January 31, 2021
A well-researched opinion about the effects of free trade on middle-class employment in Canada and the United States. Mr. Rubin provides a statistical and narrative backdrop that is easy to follow. He builds a compelling case.
December 22, 2021
Rubin does a good job explaining the history of globalization and the effect that it has had on our economies and more importantly on individuals. Having grown up in London Ontario for the first half of my life, I watched the automobile industry which was a major driver of the economy slowly be gutted as bits and pieces were moved to Mexico. It was good to put this into an overall global and historic perspective.
Rubin uses the book to advance the theory that we have been mislead by our governments as to the benefits of globalization.Although globalization may raise all countries GDP, this rise in prosperity is shared by only a small amount of the population, ie the industry owners. The workers are expendable. He proposes at one point that Canada during the renegotiation of NAFTA was more worried about protecting Magna International, a Canadian owned auto parts manufacturer with considerable interest in Mexico rather then Canadian auto workers. An interesting spin on the negotiations which I would not have considered.
The book goes a long way to explain the populism of Donald Trump. Donald Trump's campaign against globalization and China garnered much support from the middle class which had been gutted by globalization job loss. They were willing to overlook his other deficiencies because the most important issue for them was job loss and economic well being. Interestingly he points out that Bernie Saunders the Democratic presidential candidate who lost the nomination to Hilary Clinton also was against globalization. The fight against globalization is neither a left or right wing issue. I wonder how differently things would look if Bernie Saunders had won the election . Rubin also postulates that the rise of right wing parties in Europe is driven by their support from the middle class who have been screwed by globalization.
Rubin feels that supply chain disruption caused by Covid will greatly reduce globalization. I suspect that without government intervention that globalization will continue post pandemic. Having read the book I think I am better informed to realise that globalization is not all that it is billed to be by our governments.
Rubin uses the book to advance the theory that we have been mislead by our governments as to the benefits of globalization.Although globalization may raise all countries GDP, this rise in prosperity is shared by only a small amount of the population, ie the industry owners. The workers are expendable. He proposes at one point that Canada during the renegotiation of NAFTA was more worried about protecting Magna International, a Canadian owned auto parts manufacturer with considerable interest in Mexico rather then Canadian auto workers. An interesting spin on the negotiations which I would not have considered.
The book goes a long way to explain the populism of Donald Trump. Donald Trump's campaign against globalization and China garnered much support from the middle class which had been gutted by globalization job loss. They were willing to overlook his other deficiencies because the most important issue for them was job loss and economic well being. Interestingly he points out that Bernie Saunders the Democratic presidential candidate who lost the nomination to Hilary Clinton also was against globalization. The fight against globalization is neither a left or right wing issue. I wonder how differently things would look if Bernie Saunders had won the election . Rubin also postulates that the rise of right wing parties in Europe is driven by their support from the middle class who have been screwed by globalization.
Rubin feels that supply chain disruption caused by Covid will greatly reduce globalization. I suspect that without government intervention that globalization will continue post pandemic. Having read the book I think I am better informed to realise that globalization is not all that it is billed to be by our governments.
March 4, 2022
I don't really know where to begin with this book. I had high expectations despite some reviews that gave me pause.
For starters, the author does a good job breaking down the challenges that have come with globalization and how it has impacted the middle-class. I appreciated the ease of which he offered explanations.
I got increasingly more and more annoyed at his defense of Donald Trump and his policies and politics. He is correct that much of Trump's promises were targeted to the working class. However, he is wrong that Trump's policies did anything to help the situation. Correlation does not equal causation in the just because Trump started being protectionist, companies all the sudden wanted to invest in America again. Trump passed the largest corporate tax cut ever that significantly benefited wealthy Americans! Not to mention Trump's history of profiting off of low-wage workers, but the author does not mention this.
The last third/quarter of the book I became disgusted with his anti-semitic dog whistles (globalists) and obsession for a few pages with George Soros. The rest of the book had nothing to do with him. All the sudden you are reading about how a Jewish billionaire took down the economy of an entire country. While the likes of Amazon are mentioned throughout the book, there is no mention of how Bezos amasses his fortune and is a terrible citizen in how they treat their workers.
The icing on the cake for this book was his railing against immigration, despite strong evidence that our economy needs more immigration. Particularly in Canada, a country of 37 million people where 18% of our population is now over the age of 65 and this number will only continue to grow. How does Rubin think we are going to support the health, well-being, and social needs of our seniors with far less labour to contribute to economic growth and pay taxes to support those programs. Immigration has been used as a convenient racist dog-whistle for a century and Rubin does his best to promote it.
The book is poorly backed up by research and scholarly sources and seems to be 295 pages of Rubin's thoughts.
For starters, the author does a good job breaking down the challenges that have come with globalization and how it has impacted the middle-class. I appreciated the ease of which he offered explanations.
I got increasingly more and more annoyed at his defense of Donald Trump and his policies and politics. He is correct that much of Trump's promises were targeted to the working class. However, he is wrong that Trump's policies did anything to help the situation. Correlation does not equal causation in the just because Trump started being protectionist, companies all the sudden wanted to invest in America again. Trump passed the largest corporate tax cut ever that significantly benefited wealthy Americans! Not to mention Trump's history of profiting off of low-wage workers, but the author does not mention this.
The last third/quarter of the book I became disgusted with his anti-semitic dog whistles (globalists) and obsession for a few pages with George Soros. The rest of the book had nothing to do with him. All the sudden you are reading about how a Jewish billionaire took down the economy of an entire country. While the likes of Amazon are mentioned throughout the book, there is no mention of how Bezos amasses his fortune and is a terrible citizen in how they treat their workers.
The icing on the cake for this book was his railing against immigration, despite strong evidence that our economy needs more immigration. Particularly in Canada, a country of 37 million people where 18% of our population is now over the age of 65 and this number will only continue to grow. How does Rubin think we are going to support the health, well-being, and social needs of our seniors with far less labour to contribute to economic growth and pay taxes to support those programs. Immigration has been used as a convenient racist dog-whistle for a century and Rubin does his best to promote it.
The book is poorly backed up by research and scholarly sources and seems to be 295 pages of Rubin's thoughts.
February 8, 2021
DNF @ pg 130.
This book started out strong but as it went on, got kind of verrryyyy pro-Trump. It's not a critically written work, it comes off as more an opinion piece, and I think that describes it best. There is a strong lack of counter-arguments and alternatives. Rubin sucks you in to his viewpoint on trade/tariffs and writes as if there is only his viewpoint and one other one, which is of course not true. I would have been more inclined to give him a chance had he included arguments against tariffs, fair trade arguments, etc. and argued his stance against those, but instead it just came off as a way for him to suck Trump off (pardon my language) without repercussion. I think this a pretty problematic book to be promoted so heavily in bookstores as it doesn't give you a way to come to your own decision and opinion on free trade or tariffs or globalization. Instead, you're being fed this opinion by this man who thinks his opinion is the only and best opinion/answer to the world's problems. As someone who is a strong leftist but hasn't delved much into globalization/free trade, it was scary how quickly Rubin was able to convince me into believing his views. This is worrying for people who may just passively pick up this book because of the catchy title and cover, and end up falling down a rabbit hole of right-wing, pro-Trump views that are not backed up in the book by anything concrete and that are not contested at all in the book. It's clearly not an objective book and Rubin's views on Trump shadow what could have otherwise been a very good conversation on globalization and it's effects on the domestic middle class. I also noticed that he would throw in Bernie every so often to make it come off like he was being bipartisan or centrist, but that attempt quickly fell flat. There were no direct perspectives of the middle class, and the perspectives of the low wage labourers overseas were also missing.
Overall, disappointing read.
This book started out strong but as it went on, got kind of verrryyyy pro-Trump. It's not a critically written work, it comes off as more an opinion piece, and I think that describes it best. There is a strong lack of counter-arguments and alternatives. Rubin sucks you in to his viewpoint on trade/tariffs and writes as if there is only his viewpoint and one other one, which is of course not true. I would have been more inclined to give him a chance had he included arguments against tariffs, fair trade arguments, etc. and argued his stance against those, but instead it just came off as a way for him to suck Trump off (pardon my language) without repercussion. I think this a pretty problematic book to be promoted so heavily in bookstores as it doesn't give you a way to come to your own decision and opinion on free trade or tariffs or globalization. Instead, you're being fed this opinion by this man who thinks his opinion is the only and best opinion/answer to the world's problems. As someone who is a strong leftist but hasn't delved much into globalization/free trade, it was scary how quickly Rubin was able to convince me into believing his views. This is worrying for people who may just passively pick up this book because of the catchy title and cover, and end up falling down a rabbit hole of right-wing, pro-Trump views that are not backed up in the book by anything concrete and that are not contested at all in the book. It's clearly not an objective book and Rubin's views on Trump shadow what could have otherwise been a very good conversation on globalization and it's effects on the domestic middle class. I also noticed that he would throw in Bernie every so often to make it come off like he was being bipartisan or centrist, but that attempt quickly fell flat. There were no direct perspectives of the middle class, and the perspectives of the low wage labourers overseas were also missing.
Overall, disappointing read.
July 11, 2025
This is a dive into the effects of globalization on the middle class. It delves into the affect the opening of global trade agreements has had on the prices of goods throughout the world. The upshot is that the middle class is squeezed when businesses move high paying North American jobs to countries that have cheaper labour. This has resulted in large swaths of manufacturing leaving for countries that can offer lower input costs. The robust transportation industry has supported this movement away from North American whole manufacturing to mere assembly plants with parts shipped 'just in time' from overseas plants. This has left many of the middle class to suffer jobs losses and stagnating wages for those still employed. It has allowed wealth to transfer from the middle to the upper 1% of earners. Using the metric of a country's GDP gives a false sense of how the economy is doing as those at the top skew the effect and the equity gap continues to grow wider with each decade. This has also had more wide ranging impacts as the wealthy have a cadre of accountants and lawyers to assist them in avoiding paying taxes at the same rate as those less well off. Global economies have allowed many in the middle and lower class to become expendable in the 'big' picture.
October 31, 2022
If I could, I would give this book 6 stars just to reward the author for the research and effort he has put into sharing the facts around globalization and exactly how expendable the welfare of the vast majority of us is to those making the global decisions.
I did not agree with everything he had to say but, by and large, it was a good explanation of how workers in the middle class in the EU, Canada and the US have basically been required to give up their previous prosperity and stability for the global profits to be had when manufacturing is moved to countries with labour rates at $4 an hour. Trickle down has not worked as much of that profit has trickled out to Panama and other havens and remained in the hands of the few.
Change is necessary globally to stop the race to the bottom for private sector jobs as profit expectations of shareholders mean continued rewards to CEOs for moving as many jobs as possible to the lowest wage countries as possible and for extracting the maximum in tax concessions.
I did not agree with everything he had to say but, by and large, it was a good explanation of how workers in the middle class in the EU, Canada and the US have basically been required to give up their previous prosperity and stability for the global profits to be had when manufacturing is moved to countries with labour rates at $4 an hour. Trickle down has not worked as much of that profit has trickled out to Panama and other havens and remained in the hands of the few.
Change is necessary globally to stop the race to the bottom for private sector jobs as profit expectations of shareholders mean continued rewards to CEOs for moving as many jobs as possible to the lowest wage countries as possible and for extracting the maximum in tax concessions.
March 30, 2021
An interesting read and chalk full of information. Can feel like a long rant by the author on the steep price the middle class has paid for what he believes to be a flawed theory of benefits of globalization. He paints the efforts of then President Donald Trump to confront the impact of globalization as noble and for the benefit of the long suffering middle class. Not sure I buy that logic. Donald Trump did shake up the cozy patterns of globalization. i believe COVID and pandemic will do more to accelerate re-shoring of manufacturing than his efforts to impose tariffs.
Overall a good book to read that gives you plenty to think about. There is no doubt that there continues to be an increasing inequality in wealth distribution in the western world. This is already becoming a source of social frustration and potential disruption. The rise of populism is certainly fueled by resentment over lost financial opportunity.
Overall a good book to read that gives you plenty to think about. There is no doubt that there continues to be an increasing inequality in wealth distribution in the western world. This is already becoming a source of social frustration and potential disruption. The rise of populism is certainly fueled by resentment over lost financial opportunity.
July 5, 2021
I found this book to be a quick read, but I think it could have been half the size if the author had cut down on the unnecessary Trump praise and half-assed Covid analysis. I appreciated the history about Mexican unions, western automobile industry, and how the 1% had profited from globalization, and thought a lot of the concepts were sufficiently explained in a book aimed at a wide audience that may not have a background in economics. I have no idea how inflation or currency manipulation work, however I was able to follow along thanks to how the author attempts to abstain from using much jargon. I understand that the author appreciates how Trump handles Chinese tarriffs, however I get the feeling like he's only telling half the story. Same goes for the bookended pandemic analysis, that feels as though it was written in a rush. Overall, it's an enjoyable and informative read, but I feel like it's not telling a complete story and I don't plan on reading it again.
March 1, 2022
The first half of the book was okay and sort of explains why manufacturing jobs in developed countries are being outsourced to developing nations. Then, the book takes a quick downturn and goes on non-stop about Trump good and China bad, even though actions from both world superpower emphasize on their national interests and exploit surrounding neighbors. Probably the world is broken because of the interests of the greedy few, but since I have not being in that position of power (or wealth), they might be somewhat coerced as well and what we currently have is the collective result of natural human behavior. Maybe, I don't know, but yes, we are in a huge mess right now and we haven't figured out a way to solve it.
April 19, 2023
If I were more politically aligned with the author, perhaps it would be a four star.
Do I agree with the author though? Definitely not. I think he makes strong arguments and explains himself well about why he feels the way he does, and I think his points are incredibly valid. I just have a different moral compass them I guess. Or I just value different things. I believe that the author believes he is fighting on the good side. And some of his points are indeed valid and agreeable. Did he change my liberal mind though? No. Maybe I'm just stubborn like that and I'll believe what I want to believe, as they say. I just think the author suffers from the great tragedy of being American. That comes with a large burden.
Do I agree with the author though? Definitely not. I think he makes strong arguments and explains himself well about why he feels the way he does, and I think his points are incredibly valid. I just have a different moral compass them I guess. Or I just value different things. I believe that the author believes he is fighting on the good side. And some of his points are indeed valid and agreeable. Did he change my liberal mind though? No. Maybe I'm just stubborn like that and I'll believe what I want to believe, as they say. I just think the author suffers from the great tragedy of being American. That comes with a large burden.
October 20, 2023
Interesting read but author seems biased towards Trump and that administration.
Book highlights the plight of developed countries that they face with globalization, but author fails to mention then the acts committed against countries "less developed" in the global South. The US and Canada turn away from the oppressive acts that their corporations commit in poorer countries (i.e. over forestation of resources, over mining and extracting minerals) that are taken out of these poorer countries through low wage labour and then sell the expensive refined/finished product back to the citizens. The US forces poorer countries further into poverty through the control of the IMF and World Bank and only working towards their own interests
Book highlights the plight of developed countries that they face with globalization, but author fails to mention then the acts committed against countries "less developed" in the global South. The US and Canada turn away from the oppressive acts that their corporations commit in poorer countries (i.e. over forestation of resources, over mining and extracting minerals) that are taken out of these poorer countries through low wage labour and then sell the expensive refined/finished product back to the citizens. The US forces poorer countries further into poverty through the control of the IMF and World Bank and only working towards their own interests
January 29, 2021
Jeff Rubin is a former chief economist at CIBC World Markets. He goes into all the details that globalization and free trade has brought to the detriment of the middle class and the success of the wealthy 1%. It is very up to date and relevant as he describes the problem of PPE not being manufactured in Canada for COVID containment. He would probably say the same for the vaccine crisis. An interesting aside, a friend had discovered a past issue of the Consumers’ Distributing catalog. Ironically, she said that many items in the catalog were cheaper today than in the past, probably as a result of globalization. So this whole issue is very complex and complicated.
July 13, 2022
Extremely well written and argues the title's case for how the middle class got screwed over the past few decades by globalization.
Clearly presents facts while surreptitiously adding in a bit of bias and opinion.
At times reads like a who-done-it. Definitely eye-opening and provocative.
Published in 2020, so just after Covid and at the beginning of disrupting global supply chains. January 6th hadn't yet occurred and 'the Michaels' hadn't yet been released from China. Amazing how the last two years have accelerated issues.
No doubt there is another work in progress and I will definitely read it!
Clearly presents facts while surreptitiously adding in a bit of bias and opinion.
At times reads like a who-done-it. Definitely eye-opening and provocative.
Published in 2020, so just after Covid and at the beginning of disrupting global supply chains. January 6th hadn't yet occurred and 'the Michaels' hadn't yet been released from China. Amazing how the last two years have accelerated issues.
No doubt there is another work in progress and I will definitely read it!
November 25, 2020
It's an interesting premise and an apt topic of discussion for the times. Rubin manages to understand and touch on the big picture. But, his lack of objectivity and preferences have veered this book from the path it should have taken. This author needs more perspective and this book needs a better editor. For those reasons, this book was abandoned about 20% into it. I don't believe it will get any better. While the topic is something I'm interested in, this is not the book to learn anything new from.
December 10, 2025
Reads well, but Jeff Rubin’s bias certainly shines through. All his points should be pitted against the counter-argument before making up your mind. For example, you can’t go on for a chapter exclaiming why traditional economic indicators (e.g., GDP per capita) no longer tell the story of how the average person is doing in the economy (something I agree with) and then in the next chapter use these same indicators to proclaim the success of Trump’s fiscal and trade policies. Contradictions like this one ring through the book, unfortunately.
November 6, 2020
It is a highly interesting read, with interesting perspectives, but I suspect it is a bit flawed here and there. (I spotted a few remarks about happenings in my neck of the woods - Europe - that struck me as incorrect, but I didn't follow it up.) You may not always agree with his perspective, but that makes reading this book highly worthwhile.
If you read this, read Niall Ferguson's "The ascent of money" afterward.
If you read this, read Niall Ferguson's "The ascent of money" afterward.
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