4 ms·
Happy to see this sentiment echoed in places with influence. Nancy Pelosi gave a surprisingly similar answer (quoting the same Adam Smith reference material!) i
by omegaworks 10y ago
Happy to see this sentiment echoed in places with influence. Nancy Pelosi gave a surprisingly similar answer (quoting the same Adam Smith reference material!) in her town hall.[0] The gap between rich and poor is widening massively, the middle is dissolving and they're (finally) acknowledging that such a process inevitably leads to the destabilization of the entire system.
Whether it's too little, too late remains to be seen.
0. https://m.youtube.com/watch?v=MR65ZhO6LGA&ebc=ANyPxKoh0L2swqxM8qc5wNhhZqiMY3GbhM2-FKfYNS5uyABHlm7qFTE6agt7Q4Vuun_7led7KBKsym9Zl6Tgt-uCm2CPmoGSew https://m.youtube.com/watch?v=MR65ZhO6LGA&ebc=ANyPxKoh0L2swq...
- marknutter 10y agoWouldn't globalism be the main cause of the middle class dissolving?
- maxerickson 10y agoDepends on whether you think policy could be effective in preventing other countries from developing and offering cheap exports. International trade also has a big competitor in mechanization and automation. For example, big machinery ate up small farms and mining jobs.
- omegaworks 10y agoThat's a really good question. I think the truth is nuanced here. Globalization and free trade increased the total wealth of the world, but that wealth was not distributed in a way that minimized the impact on labor and middle class stability.