alt Hacker NewsIt happened over a longer period obviously, and what happened is the US adopted a failed industrial policy that saw our core manufacturing base shipped to China for the benefit of Wall Street and the financial sector.
It happened over a longer period obviously, and what happened is the US adopted a failed industrial policy that saw our core manufacturing base shipped to China for the benefit of Wall Street and the financial sector.
Globalization wasn't a loss for all of America - the benefit of shipping manufacturing overseas was that the resulting imports were cheaper than producing domestically. After all if they weren't, people would've preferred to buy domestic. So it was a net win for the consumer via cheaper goods, but came at the expense of Detroit, Pittsburgh and other "rust belt" cities & communities.
We're still grappling with the consequences. We should've invested in transitioning those workers to comparable or better jobs but the ball got completely dropped on that.