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Tag Archives: Globalization

A New Assessment of the Role of Offshoring in the Decline in US Manufacturing Employment

Yves here. While this paper confirms what I suspect are most readers’ intuitions about offshoring, it’s nice to have it made official. By Christoph Boehm, Assistant Professor of Economics, University of Texas at Austin, Aaron Flaaen, Senior Economist, Research and Statistics Division, Federal Reserve Board, and Nitya Pandalai-Nayar, Assistant Professor of Economics, University of Texas at Austin. Originally published at VoxEU What has caused the rapid decline in US manufacturing employment in...

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Brexit: According to Script

Aside from Boris-Johnson-generated noise, like his People’s PQMs, Brexit is evolving, or devolving, on the trajectory predicted by our insightful readers. Specifically, vlade and others anticipated that the only viable route for Parliament to obstruct Johnson’s crash-out plan was to win a vote of no confidence, then use the 14 day period in which Parliament could vote confidence in a government, including one different than the one it had shot down, to create what amounted to a caretaker...

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It Was More Like a Couple of Asian Decades Than a Century

Yves here. I was a true believer in the idea that Japan would take the leadership mantle from the US. American business executives (perversely) were more intimidated by Japan in the 1980s than they are by China now, perhaps because they were blindsided by the speed of Japan’s rise and because Western efforts to break into the Japanese market were largely unsuccessful, due to a host of factors bundled under the headline of “non-tariff trade barriers” (such as the difficulty of navigating...

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Bretton Woods Institutions: Enforcers, Not Saviours?

By Anis Chowdhury, Adjunct Professor at Western Sydney University & University of New South Wales (Australia), who has held senior United Nations positions in New York and Bangkok, and Jomo Kwame Sundaram, a former economics professor, who was Assistant Director-General for Economic and Social Development, Food and Agriculture Organization, and who received the Wassily Leontief Prize for Advancing the Frontiers of Economic Thought in 2007. Originally published by Inter Press Service...

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U.S. Healthcare Industry Could Be Decimated by China Trade War

Yves here. This article repeats the canard that the US should be worried about the prospect of China selling US Treasuries. First, na ga happen, because selling Treasuries would mean selling dollars and buying renminbi, which would drive the renminbi up against the dollar, the last thing that China wants. It would have an impact similar to increasing the tariffs. Second, the US does not depend on China to finance its deficits. Issuing Treasuries is a convention that is a holdover from the...

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Australia Debates: Communist Party China the New Nazi Germany?

Yves here. The headline is plenty provocative, but as the post indicates, this idea has become a hot topic in the Intelligence Committee in Australia’s Parliament, and Australia has reason to be attentive. Before you consider the point of view to be hyperbolic, consider this take from an ex-McKinsey colleague: I’ve been to China often, built a factory there in the early 2000s, and our youngest son recently returned from working there (he’s fluent in Mandarin). Last fall Jane and I went to...

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What Plunging Global Semiconductor Sales Says About Autos, IT & How the Economy Reacts to Uncertainties

By Wolf Richter, publisher of Wolf Street. Originally published at Wolf Street Global chip sales plunged 16.8% in June from June last year, to $32.7 billion, on a three-month moving average basis, and are down 22% from the peak in October 2018, according to the World Semiconductor Trade Statistics today. As deepest and most relentless plunge in semiconductor sales since the Financial Crisis continues, any hopes for a V-shaped recovery, such as during the Financial Crisis, have been shelved:...

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Mr. Market Swoons as Trump Administration Escalates Trade War with China With “Currency Manipulator” Charge

It was hard to miss that Mr. Market had a bad day on Monday as a result of China setting the level of the renminbi about 1.5% lower, below 6.90, in response to the Trump Administration announcing plans to slap 10% tariffs on $300 billion of goods as of September 1, in addition to the $250 billion of goods subject to 25% tariffs in July. The effect of the September measure, if Trump follows through, is that virtually all of China’s exports to the US would be subject to tariffs. The selloff...

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Mark Blyth’s Incisive Post-Crisis Takedown: “A Brief History of How We Got Here and Why”

Mark Blyth, the Brown political scientist of “The Hamptons are not a defensible position” fame, has a must-watch video of a presentation, A Brief History of How We Got Here and Why, which we’ve embedded below. We’re featuring it despite the lack of a transcript. Even though Blyth presents a fair bit of detail that is familiar to readers, he manages the difficult task of synthesizing it in a way that generates novel observations. It doesn’t hurt that Blyth is also colorful and a high bit rate...

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Nobel Economist Angus Deaton: Inequality is Destroying Democratic Capitalism

By Sir Angus Stewart Deaton FBA, a British-American economist and academic. Deaton is currently a Senior Scholar and the Dwight D. Eisenhower Professor of Economics and International Affairs Emeritus at the Woodrow Wilson School of Public and International Affairs and the Economics Department at Princeton University. Twitter: @DeatonAngus. Originally published at ProMarket and The Institute for Fiscal Studies At the launch of the IFS Deaton Review, a 5-year review of rising inequalities in...

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