” … For generations, business consultants have persuaded businesses large and small to move their production to China in search of cheaper costs. This has had a devastating effect, particularly in the United States, where between 2004 and 2017, the share of world manufacturing shrank from 15 to 10 percent while reliance on Chinese inputs doubled. The trade deficit with China, according to the Economic Policy Institute, has cost as many as 3.7 million jobs since 2000. The consequences have also been severe in the UK, which suffered 1.5 million job losses in manufacturing between 1997 and 2009, in part due to climate policies that threaten the last vestiges of heavy industry in the country that invented it.
In the face of these trends, the general response of the Western elites has been “Why worry?”
Good read.
