Politicians such as Bernie Sanders and Donald Trump want to bring manufacturing jobs back to the United States, but are even Seattleites willing to pay?
Most people surveyed by The Associated Press said they would rather have a cheaper pair of pants than one made in the United States.
And there you have the vicious cycle of globalization: offshored production and Wal-Mart business models drive down prices but also wages, hurting Americans who go for the best bargain, reinforcing the process, rinse and repeat. Do the cost savings outweigh the benefits of good jobs lost — long term, no. Also, the enormous externality costs, such as tens of thousands of miles of transportation and its environmental damage, aren’t priced in to those “low prices.”
But how about here in enlightened, or so we would like to believe, Seattle? Behold the place of shop local, stick-it-to-the-Man, May Day marches and a socialist on City Council (but also home of giant Amazon). Are our attitudes different? You tell me:
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This Week’s Links:
• Hamilton everywhere all the time | Baseline Scenario
• Why luck matters more than you might think | The Atlantic
• OPEC report suggests massive oil-price rebound ahead | Oil Price blog
• Why companies like Google and Wal-Mart are buying so much wind power | Washington Post
• Wells Fargo misjudged the risks of financing oil and gas | Bloomberg
Today’s Econ Haiku:
Got to draw the line
When this gentrification