>>11668378It isn't a popular sentiment with modern economists who have all firmly jumped on board with the unfettered free trade dogma, but there would need to be a reintroduction of tariffs and trade protections in the most critical industries to account for differences in wage standards (enforced by minimum wage and cost of living/quality of life), as well as regulatory differences, which are major and affect the cost of production significantly.
There is a lot of production that is point blank just way cheaper to do overseas which has been alluded to, and then a lot of production that's more on the margins and could be forced back at a more minor cost by targeting and applying tariffs to them.
And before anyone tries to tell you protectionism has no place in economics anymore, remind them that China itself has seen a meteoric economic rise amidst heavy, HEAVY handed state protectionism of their own domestic economy.
If the US could recapture some 2-5 million of the 15 million manufacturing jobs it hemorrhaged since the 90's, it would be in a much better place socioeconomically. I think this is something that average voters on the right and left can generally agree with the prevailing rhetoric is just distasteful right now and it's hard to tell who's lying. The important thing to remember is that big business elites absolutely, absolutely would see the entirety of manufacturing shipped overseas if it meant a 30% uptick in profits and they are willing to bankroll media and academic personalities to help foster a climate that furthers their goals. Global trade works best as a supplement for industries you cannot personally do well, not as a mass replacement for industries that were working fine, in the pursuit of profit margins.
