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To clear up, given the replies I'm getting: the narrative I'm talking about isn't "globalization has had serious downsides for some people in the US" (of course it has). It's literally "globalization is a foreign plot in which the US, as a country, is being exploited"
And yes, it's a narrative that is being pushed by representatives of the very elite that benefitted most from globalization -- certain billionaire politicians and millionaire news anchors -- not by disgruntled coal miners.
The median American (who is relatively capital poor) has quite plausibly been harmed by globalization, for the same reason that the (capital rich) “average” American has been helped. I’m not sure whose interests constitute “the US, as a country”
I mean, granted, a certain billionaire politician, who won an upset victory in 2016 with some help from the Russians, is a fool and a demagogue, but I’m not sure there isn’t a bit of method in his madness.
Curious comment, how does one square the Mundell-Fleming model (capital flows following the highest interest rates) and the balance of payments explanation of our trade deficit...
The problem is that China has undermined the global trading system that, yes, the USA pushed for. China uses that trading system to export huge volumes of its own goods and then inhibits access to its own internal market. That's not how the WTO system was supposed to work.
So the question is; does the USA stand idly by and allow China to game the system in such a blatant way, or does it stand up to it? Time is fast running out to make a decision, and it may already be too late.
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