Domestic policies, rather than globalisation, are to blame for the stagnating incomes of Britain’s middles classes, a new report claims. The thinktank said too much weight has been given to the idea that an acceleration of global trade between 1988 and 2008 and the swelling middle classes in China dented the fortunes of lower middle income households in richer countries. — Torsten Bell (@TorstenBell) Danger of saying globalisation caused all ills is it lets domestic policy makers off the hook. Think housing, financial regs & welfare cutsResolution said: “Domestic policy is central to determining working people’s living standards even in a globalised world. The thinktank claims that the so-called “elephant curve”, which suggests very strong income growth for the global middle class in emerging markets such as China, and near-stagnation for the lower middle classes in rich countries, is misleading.

Source: The Guardian September 13, 2016 14:00 UTC