NEW YORK TIMES: “There was a sense that by losing the ability to produce computer chips, we were going to see the American electronics industry collapse, and it turns out that those cheap imported electronic components were just the thing that all of these companies needed,” [Columbia University economist David Weinstein] said. “What these critiques miss systematically is that the losers know who they are, but the winners don’t know who they are yet.”…
The seismic shift came after World War II, when the United States and other developed nations began to minimize tariffs and other barriers. Global trade grew as industrialization spread, particularly in China, and thanks to innovations including the standardized shipping container and the Internet.
“The argument was always that the winners could compensate the losers,” [Nobel Aware winning economist Joseph] Stiglitz said. “But the winners never do. And that becomes particularly relevant when we have a society with as much inequality as we have today.”… (more)
EDITOR: This article merits careful reading. It provides information from a number of reports, enabling the reader to draw his / her own conclusions.
