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> [I] am even skeptical of the claim..that globalization was responsible for the vast reduction in global poverty.. I also no longer defend the idea that the ha
by GardenLetter27 3y ago
> [I] am even skeptical of the claim..that globalization was responsible for the vast reduction in global poverty.. I also no longer defend the idea that the harm done to working Americans by globalization was a reasonable price to pay for global poverty reduction
But that "harm" was coming regardless. The rest of the world had rebuilt after WW2 and is going to compete.
Now those working Americans can enjoy cheaper goods from globalisation and everyone becomes richer.
Protectionism just keeps everyone poorer in the long run. It only makes sense when you need to build or maintain specific local industry due to geopolitical concerns or to improve the general level of education and productivity - like in China in building their own Tech industry.