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Globalization did not ‘rob’ the Midwest or ‘sucked it dry’ or whatever. Anymore than than the Asian economies were BEING robbed and sucked dry by the Midwest b
by aj7 4y ago
Globalization did not ‘rob’ the Midwest or ‘sucked it dry’ or whatever. Anymore than than the Asian economies were BEING robbed and sucked dry by the Midwest before the switch.
See what I mean? Capital is bidirectional and always has been.
- PaulDavisThe1st 4y ago> Capital is bidirectional and always has been. Nope, this is categorically false. Historically, the movement of capital was extremely limited. You could not just decide to invest <big-number-of-currency-units> in a foreign country, and you could not just repatriate the profits that might arise from the investment. For the last 50-100 years, the world has shifted quite dramatically towards making both capital and profit able to move across (many) borders much, much more easily. Only the EU stands as an example of political and economic changes that also allow similar free movement of labor.