The United States did not choose to abandon manufacturing 40-50 years ago; rather, countries that decided to expand their share of global manufacturing exported those imbalances primarily to the US through trade surpluses, forcing the US into deficit and deindustrialization.
causalpending
Speaker
Michael PettisEvidence Quote
“Nobody in the United States decided 40 or 50 years ago that we don't like manufacturing...That was a decision made by countries that decided to expand their share of global manufacturing and to export the imbalances primarily to the US.”
Source
Michael Pettis: China’s Consumption Crisis Is The World’s Crisis— The Monetary Matters NetworkCreated: 8/11/2026, 7:43:21 AM
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