I believe most of the above are correct, except GATT should have been included. NAFTA helped push jobs out of the US, and once in motion they just kept moving.
Usurious interest and barely regulated financial instruments made the finance casino too profitable to ignore to be able to invest in manufacturing here. When they’re playing the market, they’ve not enough money left over to pay for anything but cheap job-shopped goods.
The key term is “industrial policy”; China has one, we need one too.
I believe most of the above are correct, except GATT should have been included. NAFTA helped push jobs out of the US, and once in motion they just kept moving. Usurious interest and barely regulated financial instruments made the finance casino too profitable to ignore to be able to invest in manufacturing here. When they’re playing the market, they’ve not enough money left over to pay for anything but cheap job-shopped goods. The key term is “industrial policy”; China has one, we need one too.