Stephen Roach's three forces of Globalization

Three new mega-forces are now at work in driving today's uniquely powerful strain of globalization: (1) The global labor arbitrage - the IT-enabled integration of offshore employment pools that fundamentally alters the worldwide mix of job creation and wage determination. (2) The global price arbitrage - a price-setting mechanism that captures the balance between global supply and demand. (3) The global saving arbitrage - reflecting a world that is near desperate in its efforts to keep funding the US current account deficit and the excess spending of the income-short American consumer.

These forces are going to crush every nation's economic sovereignty.