Larry Summers highlighted the flawed assumptions among economists regarding global trade, asserting that welcoming China into the global economy did not yield the promised benefits for American workers as industrial output has stagnated and jobs have been lost.
Despite the surge in trade with China, U.S. manufacturing productivity has declined, and the nation has fallen behind in key technological fields. The initial hopes for prosperity through globalization have not materialized, resulting in a significant trade deficit.
Many economists, although critical of Trump's tariffs, continue to advocate the same misguided models that contributed to the issues faced today. This raises concerns about whether their analysis can be trusted.
The local communities across the U.S. have suffered from the consequences of globalization, with rising trade deficits and increased mortality rates linked to what has been termed 'deaths of despair' among workers.
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