There were some interesting ideas presented in this article:
- Most of the decline in the manufacturing employment share was inevitable
- Germany is widely believed to have a first-rate manufacturing sector, yet it has seen the same pattern as the US
- The relative decline in employment in manufacturing since World War II is the biggest structural change, or evolution, to hit the American economy over the past half-century.
- The effects of NAFTA and China-WTO were softened by a tight US economy
Do you agree with DeLong's claims about the effects of the trade agreements on our economy?
"Try to calculate the share that those three “bad trade agreements” played in the processes of manufacturing job loss, of widening income inequality, and the coming of the overclass of the Second Gilded Age, and — as long as you calculate honestly — you get a share of responsibility of less than 5 percent, and usually less than 1 percent."