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Our Jobs Were Offshored, Not Stolen By China
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For more a quarter century I have been explaining that America is not losing jobs to foreign competition but to our own corporations moving the work abroad in order to lower their labor costs and raise capital gains and bonuses for owners and executives. My most recent explanation was May 14 ( https://www.paulcraigroberts.org/2019/05/14/the-tariff-issue/ ).

It only took 25 years for Cody Cain writing in Salon to discover this point ( http://www.informationclearinghouse.info/51685.htm ).

Maybe in another 25 years the politicians in Washington will discover it.

And maybe 50 years from now the economists will discover it. My book, The Failure of Laissez Faire Capitalism (2013) was translated into a number of languages, Chinese, Korean, German, Czech, but was not to my knowledge reviewed in any English language economics journal. The neoliberal economists are deaf, dumb, and blind, “junk economists” as Michael Hudson calls them.

(Republished from PaulCraigRoberts.org by permission of author or representative)
 
• Category: Economics, Foreign Policy • Tags: China, Employment