“The Decline of U.S. Manufacturing Has Led to Insufficient Job Creation and Growing Income Inequality”
This premise is not true. U.S. manufacturing output has not decreased. Fewer workers are needed because of increased capital investments, better efficiency and more automation. Also manufacturing efficiency has improved because of outsourcing. In an open economy where each person is free to specialize on what he or she does best, all players win.
You call this neoliberalism. Deng Xiao Ping called it “open”, the economy is not closed. I call it free enterprise.
Centralized economic planning failed because the bureaucracies could not effectively process the massive data needed to decide “how much steel will be needed for ladies’ hair pins in five years”.
“The Decline of U.S. Manufacturing Has Led to Insufficient Job Creation and Growing Income Inequality”
This premise is not true. U.S. manufacturing output has not decreased. Fewer workers are needed because of increased capital investments, better efficiency and more automation. Also manufacturing efficiency has improved because of outsourcing. In an open economy where each person is free to specialize on what he or she does best, all players win.
You call this neoliberalism. Deng Xiao Ping called it “open”, the economy is not closed. I call it free enterprise.
Centralized economic planning failed because the bureaucracies could not effectively process the massive data needed to decide “how much steel will be needed for ladies’ hair pins in five years”.