Wealth & Poverty Class 3: Globalization, Technological Change, and the Jobs of the Future

[Uncle Joe]

Welcome back to our class.

The third week of class introduces questions that continue to be vigorously debated — the effects of globalization and technological change on widening inequality. Many policymakers regard both globalization and technological change as “inevitable” forces that improve economic efficiency — and which should not be altered by political decisions. I remember discussions in the Clinton White House leading to NAFTA and China’s ascension to the World Trade Organization in which administration officials described both as “necessary” to the evolving global economy. New technologies such as supersonic jets and facial-recognition software have also been assumed to be beyond political debate or control.

But neither globalization nor the path of technological change is inevitable. Both can (and one might argue should) be managed in ways that improve the wellbeing of most people while protecting the most vulnerable.

Such management may have to do with timing (how quickly should we globalize or should a new technology be introduced?), or with what particular goods and services should be subject to globalization and technological change (more or less labor-intensive industries? technologies critical to national security?), or with how these changes come about (trade or direct investment? public subsidies? regulations?), or with the choice of measures to help those who bear the costs and burdens of such changes (refundable tax credits? education and training?).

(snip)

Wealth & Poverty Class 2: The Investor's View

https://www.democraticunderground.com/1016314242


Wealth and Poverty Class 1: What's happened to income and wealth in America over the past 40 years?

https://www.democraticunderground.com/1016313623