Report: US supporters of globalization outnumber detractors

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A survey published this week reveals that nearly half of Americans favor globalization, outnumbering those against it by 2 to 1.

The new Morning Consult poll for the Bloomberg Global Business Forum found that 47 percent of Americans support globalization, compared with 25 percent who dislike it.

36 percent of Americans believe that globalization will help create jobs, as opposed to only 23 percent who believe that it will not.

Respondent’s feelings on immigration were slightly different, however.

A majority of Americans supports immigration, but 51 percent also believe immigration poses a threat to jobs.

Furthermore, 23 percent of respondents feel income inequality will not increase as a result of globalization, as opposed to 22 percent who believe it will.

Another conflicting detail is that Americans now feel less safe than they did five years ago.

Seventy-two percent of respondents say they feel less safe now, compared to just 16 percent who say they feel more safe.

The poll was conducted from Sept. 12 to 14 among 2,094 adults. The margin of error is 2 percent.

A previous report conducted by Bloomberg found that a fear of globalization had driven voters to vote for Trump.

Analysts found that globalization created a massive labor supply, allowing corporations to use cheaper foreign workers.   It benefited consumers in cheaper-priced goods, and pumped money into poorer economies, but, along the way, the middle class in developed nations have suffered as a result.

“While globalization, immigration and the free market have strong support from the winners of these themes – the plutonomists and the highly educated, in our view they seem to have underestimated the frustration of developed market middle and working classes,” write Equity Strategists Ajay Singh Kapur and Ritesh Samadhiya. “We think Brexit could just be the first surprise in a re-calibration of the world away from globalization towards more inward looking policymaking. Away from Wall Street and more towards Main Street. Away from financial asset reflation to more income support and wage inflation.”

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