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> The wealth of the nation could flip if heavy import duties were imposed forcing a manufacturing back inhouse. You mean the wealth of the nation would decreas

• mensetmanusman 5y ago
  Any quality would decrease, and some people value that, so in that argument the wealth of the nation would increase. Most all the income and productivity gains from globalization and go to the wealthy, so if they lost billions of dollars, it is true that the nation would be less “”wealthy””…
  • Aunche 5y ago
    > Most all the income and productivity gains from globalization and go to the wealthy Income gains, perhaps. Productivity gains no. People buy foreign goods because they tend to be significantly cheaper. Capital in the US tends to be reinvested, so we would stagnate in innovation.
  • darksaints 5y ago
    > Most all the income and productivity gains from globalization and go to the wealthy, so if they lost billions of dollars, it is true that the nation would be less “”wealthy””… That's a popular trope, but not really supported by any evidence. Take, for example, sanctuary cities...which can be seen as a form of illicit globalization. The popular trope suggests that undereducated and low income native American citizens would lose by attracting large quantities of low cost labor. But the exact opposite is true: native blue collar employment and wealth increases, welfare dependence and poverty decreases. Perhaps the purveyors of the popular narrative should read up on David Ricardo. It's been 200 years since he died, and people still haven't caught on that more trade is a universal good...something economists have nearly universally accepted for literal centuries now.