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We've moved away from lower value manufacturing and are moving higher in the economic chain - that's great for us and how economics works. It isn't just chasing
by Qworg 2y ago
We've moved away from lower value manufacturing and are moving higher in the economic chain - that's great for us and how economics works. It isn't just chasing cheaper means of production - we can (and in a limited way have) put people to work elsewhere.
We dodged this in the 90s, but we
need massive training programs to move those displaced workers to new jobs + resettlement assistance to get them to where the jobs are.
- cudgy 2y agoUnfortunately, the vast majority of jobs and manufacturing is in The lower value manufacturing chain. So by chasing only the high value chain, you abandon the manufacturing operations that actually hire workers, thereby hollowing out the middle class of your country and reducing the consumers of the products that you sell. A counterproductive and shortsighted strategy.