Is Globalization Coming to an End Due to Rise of Income Inequalities?

The reversal of the trend towards the decline in income inequalities in the last three decades in most countries created favorable grounds for the rise of nationalist and anti-globalization feelings. Economic failures of countries, groups of people and individuals are among important factors that cause nationalism. The rise of nationalism in many countries in recent decades, as measured by the decline in the “pride in your own country” indicator from the World Values Survey, is statistically significantly related to the growth rates of per capita income and change in income inequality (Gini coefficient) within the country. When globalization is properly managed, it is good for growth and income distribution and does not lead to nationalism. But if it is accompanied by the decline in real incomes for large masses of people, nationalist political forces get additional arguments for instigating anti-globalization and isolationist feelings. The rise in income inequalities within major countries since the 1980s poses a threat not only to social stability, but also to globalization