Sunday, June 26, 2016

Brexit, Trade Policy and Jobs


The chattering classes are all atwitter about the Brexit vote and the potential damage to globalization.

To date globalization has been good for:
1) rich people
2) bureaucrats
3) workers in developing countries

To date globalization has been bad for:
1) existing middle classes (U.S. and Britain for example)
2) blue collar workers in developed countries


The elites (politicians, economists, really rich people) are still determined to create the new world order, but are now even admitting, timidly, that maybe there are some victims.

Which is why we are faced with Brexit and Donald Trump.

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