The Import Invasion Hollowed Out U.S. Factories
Why did America’s manufacturing productivity crash as we opened our markets to the world?
The trade-off with globalized trade was supposed to work something like this. Globalization would allow for additional specialization, improving productivity. We would concentrate on stuff we could produce most effectively, while importing stuff were comparatively less effective at making.
U.S. factories might employ fewer people, but the remaining workers would be producing more with better machines, better software, better supply chains, and better management. Productivity improvement was supposed to be the…
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