For years, the McKinsey Global Institute has been leading the charge for globalization, publishing research on the virtues of free trade, open data flows, cross-border investment, and liberalized immigration.
“The core drivers of globalization are alive and well,” the think tank of American consultancy McKinsey & Co. wrote in a 2010 study, while the world was still recovering from the financial crisis. “To be unconnected is to fall behind,” its researchers wrote in 2014.
But a study McKinsey released today stresses that the economic gains of changes in the global economy have not been widely shared lately, especially in the developed world. It’s called “Poorer Than Their Parents? Flat or Falling Incomes in Advanced Economies.” Prospects for income growth have deteriorated significantly since the financial crisis, the report finds.