Abstract Contrary to 'conventional wisdom' globalization seems to have been associated with slowdown of global output growth and falling share of capital formation (investment) in global output. Referring to the theory of 'demand-led growth', this Note suggests that the negative global tendencies may have arisen under systematic declines in the shares of wage incomes worldwide experienced over recent decades. Making globalization more 'productive' (and investment-friendly) may require a global rebalancing of interests of labor and business. JEL codes F63, E25, O4