As far back as the 1980s, there was a great deal of public handwringing over a development that became known as the “hollowing out” of America’s economy. This meant that the country’s manufacturing sector was deteriorating because companies were opting to shift their production to low-wage factories overseas, leaving the nation without robust production capabilities while posing a threat to full employment.
That phenomenon was not unique to the United States. Japan and other developed countries also followed a similar shift of production to emerging countries where labor costs were a fraction of what was being paid at home. After […]
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