Look at the incredible decline of manufacturing across a wide variety of industries in the figure below. Nearly 7.5 million jobs lost, just since 2011. Devastated communities. Factories shuttered. Millions of older, lower-skilled workers out of work. A rise in inequality. Jobs going overseas.
“The future is bleak and hopeless if we continue like this,” said one worker.
…“This eventually leads to serious social problems, such as higher rates of unemployment and increased crime and social unrest. Nations with socially polarised work forces also suffer from political instability.”
And now for the rest of the story (non-paywalled or go to the comments.)
The post The Decline of Manufacturing appeared first on Marginal REVOLUTION.
You Might Also Like
Some northern parts of Spain
Salamanca still feels part of the orbit of Madrid, but León does not. Many of the faces are more Celtic,...
Deport Dishwashers or Solve All Murders?
I understand being concerned about illegal immigration. I definitely understand being concerned about murder, rape, and robbery. What I don’t...
The convent where the Salamancans wrote their great works
Convent San Esteban. It is still there, you can just walk right in, though not between 2 and 4, when...
Greg Mankiw’s Blog: Stanley Fischer
About Me Name: Greg Mankiw Location: United States I am the Robert M. Beren Professor of Economics at Harvard University....