For all of the uncertainty and anxiety in headlines today, the world is a much better place than it has ever been. In emerging markets, billions of people have moved out of extreme poverty. In the developed world, we enjoy better medicines, connectivity, and mobility than most of us could have imagined even 20 years ago. The promise of global progress has become a reality for many — but not for all.

Our global narrative of progress, the implicit case for embracing change in exchange for its fruits, is being increasingly called into question by economically marginalized groups and populist politicians across the globe. This narrative has rested on three propositions: that globalization is a major driver of growth and prosperity; that technological progress enriches our lives; and that shareholder returns reflect businesses’ contributions to societal progress.

Those who question the continued applicability of this narrative have a case. While globalization has increased aggregate prosperity and reduced inequality across nations, it has also created winners and losers within nations.