Far from the emergence of a harmonised and increasingly unified world economy [globalisation] has produced a lopsided and malformed structure that is now falling apart. The low paid worker in Detroit cannot buy his new pair of trainers unless the low paid worker in Shenzhen a) makes them, b) deposits four out of ten yuan he earns in the factory into a global finance system that then c) lends the money to the Detroit trainer-buyer at virtually zero interest.
...the value of the dollar must fall. Instead of saving, Chinese and Japanese consumers have to spend. This solution is often explained as if countries were - as they are in Sid Meier's Civilisation - represented by a single player, an all powerful government advised by wise economic men. But it is otherwise in the real world. Countries are made up of classes. And the rebalancing solution actually means a major redistribution of wealth in China, India and much of the global south away from the rich and towards the workforce.