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victims of an economic system that fundamentally doesn't believe in shared prosperity
Yes but there is also something else happening. "The West" has given up on being competitive for manufactured goods in a globalised economy because it cannot compete with Chines wage rates. Thus, out of economic necessity, there has been a flight (upmarket, or up the economic food chain in the value-laden jargon) from blue collar to white collar jobs - with blue collar workers seen as dead-enders who will never compete with the Chinese.
However, now, Globalisation has moved into a new phase with even white collar clerical, accountancy, administration and many other jobs being outsourced to India etc. - so that, finally, globalisation has become a middle class issue as well - which can lead to a new blue/white collar alliance.
With even capital now fleeing the USA for more profitable havens there is the basis for a broadly based, nationalist alliance against global capital. However it has a lot of cultural/ethnic/class barriers to overcome before it can be a reality on the ground. Perhaps that is part of the dynamic which is driving Obama forward. Vote McCain for war without gain
The West" has given up on being competitive for manufactured goods
I think it would be more accurate to say that the West has given up on being competitive for manufactured consumer goods. For high-end industrial goods, whether machine tools, printing systems or commercial aircraft, the world still buys from the West (as seen in Germany's status year after year as the world's largest net exporting nation (as well as the largest exporter in absolute terms in some years). The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
Yes, consumer electronic is not so much produced anymore in the west, but there are exceptions like AMD processors. Especially the high quality consumer goods have often a major Western produced component. Der Amerikaner ist die Orchidee unter den MenschenVolker Pispers
My experience with manufacturing has always been more investment than consumer goods, so that tends to skew my perspective. The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
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