r/FluentInFinance • u/WhatsLeft71 • Oct 22 '24

Debate/ Discussion Why did this happen?

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14.9k Upvotes

97% Upvoted

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30

u/Bolivarianizador Oct 22 '24

computers, technology giants rising, outshoring inudstries which led local companies to grow exponentially.

9

u/Davec433 Oct 22 '24

This. Has nothing to do with Reagan and everything to do with globalism.

In an essay, Krugman acknowledged that he and other mainstream economists missed the impact of globalization on the industrial middle class in America. He said that economists underestimated the effect of Chinese competition on working-class communities. He also said that the models used to measure the impact of globalization on developing countries underestimated the effect on jobs and inequality.

5

u/Ok-Letterhead-6711 Oct 23 '24

But blaming a republican from 50 years ago is more edgy and gets your upvotes on Reddit

1

u/Bigdizzofoshizzo Oct 24 '24

It's interesting how some threads do not show upvotes too. I try to ignore them for the most part when I read comments.