How destructive is Trump of globalisation?
To please his constituency - the disenfranchised low-income, non-college educated whites - he has already rolled back progress made on trade and migration and made the world less stable.
A FEW years ago, Angus Deaton, the Nobel Prize-winning Princeton University economist, working with Anne Case, his wife, researched the changing patterns of life expectancy in the United States. They divided the population into several socio-economic categories. They noticed to their great surprise that one group had seen a decline in its life expectancy while all others, including the low-income blacks and Latin Americans, saw some increase.
The group that had fallen behind was identified as that of the low-income, non-college educated whites. A good proportion of these lived in what was called the "Rust Belt", where once prosperous industries provided easy employment and comfortable incomes to their workers. However, many had died …
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Columns
‘Competition for talent’ a poor excuse to keep key executives’ pay under wraps
An overstimulated US economy is asking for trouble
Too many property agents? Cap commissions on home sales
Time to study broadening of private market access
Far from thawing, the US-China economic war could see a new front opening up
China’s better economic growth hides reasons to worry