The real policy problem in the US is not the China shock itself but the failure of the American government to develop place-based adjustment policies that allowed communities and workers in key industries to adjust to these shocks, representing a broader policy error beyond just trade policy.
causalpending
Speaker
Martin WolfEvidence Quote
“the reason this is such a huge issue in America is that America failed so completely to generate place-based adjustment policies that allowed crucial parts of your economy and particularly places in your country to adjust to these shocks [41:44]”
Created: 8/12/2026, 6:24:34 PM
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