A Radical Plan to Manage Globalization

Calling free trade "as outdated as the dodo," Economist Vladimir Masch offers solutions to what he sees as big problems for the U.S.

The U.S. is currently in a precarious position. In addition to geopolitical threats, we face a severe economic shock. We have already lost trillions of dollars and millions of jobs to foreigners. Our potential adversary is our largest creditor, and our country has lost every important large-scale economic weapon that can be used in thorny geopolitical situations. As argued by Princeton economist Alan Blinder, we are at the beginning of a third industrial revolution. Blinder says that of about 140 million U.S. jobs, between 42 million and 56 million could be moved offshore in the next decade or two: all 14 million current jobs in manufacturing and 28 million to 42 million in the service sector. We will be left without any manufacturing, which is an inalienable part of the country's security. Education and skills may not help. U.S. wages will go down sharply.

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