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Delong
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The U.S. went from 30% of its nonfarm employees in manufacturing to 12% because of rapid growth in manufacturing productivity and limited demand, yes? The U.S. went from 12% to 9% because of stupid and destructive macro policies--the Reagan deficits, the strong-dollar policy pushed well past its sell-by date, too-tight monetary policy--that diverted it from its proper role as a net exporter of capital and finance to economies that need to be net sinks rather than net sources of the global flow of funds for investment, yes? The U.S. went from 9% to 8.7% because of the extraordinarily rapid rise of China, yes? The U.S. went from 8.7% to 8.6% because of NAFTA, yes? And yet the American political system right now is blaming all, 100%, every piece of that decline from 30% to 8.6% and every problem that can be laid its door on brown people from Mexico. By not making it clear that you are talking about 0.1%-points of a 21.4%-point phenomenon, I think you are enabling that. I don't think this is a good thing to do...
Toggle Commented Jan 26, 2017 on What did NAFTA really do? at Dani Rodrik's weblog
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Jan 26, 2017