The cult of globalization led to the spread of the snowballing effect of foreclosures

It is technological advancement that has brought about the cult of globalization. Policies have followed its footsteps. The snowballing effect of foreclosures has today covered most of the nations of the world thanks to globalization. Thus it is high time to look into the defects of this cult to try and overcome them. The best way is to study the condition of the victims.
The biggest victim of the globalization judging by yardstick of progress is America. Twenty years ago USA was a peerless world power. The rest of the world envied its standard of living. But today USA repeatedly has to confirm its multipolarity in the midst of the shambles of its economy. USA is deep in debt to China and Japan.
If globalization has permitted jumbo sized MNCs or multinational corporations to suck the blood of people across the world how is it that the country where is situated the headquarters of the most powerful corporations be allowed to fall from grace so rapidly?
The answer is simple - here in the rich countries as elsewhere in the developing world it is the politicians and greedy business community that have orchestrated this downfall. If true democracy had been allowed to flourish then globalization would have been a blessing. But it became blight when democracy and the interests of the nation were subverted to serve the interests of politicians and the corporate giants.
How did USA reach this point of chaos? For keeping the economy floating demand had been kept up. To do it was necessary for wages to keep pace increasing the purchasing power of the citizens. But high wages translated to low profits. To wring out high profits American business began to make use of cheap work force outside the country. The first preference was China with its toiling millions. Ignoring all labour rules and norms about minimum wages the top brass in USA and China joined hands to exploit the workers. The captured work forces in China began manufacturing to feed the consumers of America. The cost of production in China was a fraction of what it would have cost to produce on American soil.
By this arrangement the corporate sectors began to rake in huge profits. It also suited the kings of the communist China to become bloated on wealth while the working forces were exploited by all international standards. That was globalization!