Globalization Wasn’t Such a Blessing

Paul Krugman and others are now acknowledging that globalization hurt American workers far more than they thought it would:

Back in the ’90s, when the post-Cold War consensus was just emerging, economists tended to take a simplistic either-or view of trade—either you were a free trader or a protectionist—and forced people to choose sides.

Paul Krugman branded just about everybody who questioned the rapid pace of globalization a fool who didn’t understand economics very well. Now Krugman has come out and admitted that his own understanding of economics has been seriously deficient as well. Many of these working-class communities have been hit hard by Chinese competition, which economists made a “major mistake” in underestimating, Krugman says.

Leave a Reply

Your email address will not be published. Required fields are marked *