{"id":3923,"date":"2016-10-14T15:03:31","date_gmt":"2016-10-14T15:03:31","guid":{"rendered":"https:\/\/journal.c2er.org\/?p=3923"},"modified":"2022-02-23T13:46:13","modified_gmt":"2022-02-23T18:46:13","slug":"slow-growth-and-populist-pushback-the-times-they-are-a-changing","status":"publish","type":"post","link":"https:\/\/journal.c2er.org\/2016\/10\/slow-growth-and-populist-pushback-the-times-they-are-a-changing\/","title":{"rendered":"SLOW GROWTH AND POPULIST PUSHBACK: The Times They are a \u2018Changing"},"content":{"rendered":"
\""Bob<\/a>

“Bob Dylan – The Times They Are a-Changin'” by Source. Licensed under Fair use via Wikipedia<\/p><\/div>\n

THE CHALLENGE FOR STATE AND LOCAL ECONOMIC DEVELOPMENT<\/strong><\/h2>\n

The old programs\/strategies\/theories\/models aren\u2019t working. A new paradigm is in the making. Those who embrace the contemporary paradigm push back hard and urge us not to succumb to the \u201cisolationist temptation\u201d to gate your community from a global economy,[i]<\/a> Free trade, \u201caka comparative advantage\u201d must be allowed if we are to grow economically, produce more jobs, and enjoy true prosperity. There is no other path than free trade and national comparative advantage. Perhaps.<\/p>\n

This article does not question free trade\/comparative advantage per se\u2014but it does assert that free trade, as implemented thus far, has its drawbacks\u2014and those drawbacks have profound consequences and opportunities for state and local economic developers. In particular, this article suggests free trade has deeply hurt \u201cthe Forgotten People\u201d (working and lower classes) and that across the globe, these Forgotten People are restive and voting\u2014it\u2019s called populism in polite society\u2014fascism in many newspapers and magazines. Economic developers can play a serious role in adjusting free trade to reduce the harm it inflicts on the “Forgotten People”.<\/p>\n

The road map for this article is it first outlines the link between populism and slow economic growth. Secondly, a short discussion follows on why various ideologies assert slow\/no growth has dominated our economies and will continue unless corrected by adopting the “cure” each proposes. Hidden-in-plain-sight is the major ideologies accept and incorporate free trade into their perspective. Free trade has truly become the accepted paradigm of global finance and trade whatever one’s ideological stance. Look for no real help for those hurt by free trade from these paradigmatic policy and ideological elites.<\/span><\/p>\n

The third discussion introduces this article’s conceptual observation that free trade, like it or not, is characterized by a “lag and shift” (defined below) dynamic that among other things has made the lives of “Forgotten People” \u00a0a horrendous and demoralizing struggle offering little hope of salvation–hence the rise of a hostile populism–and has rendered conventional economic development strategies and programs grossly ineffective. Next, the article outlines \u00a0an economic development response to populism and but also specifies the class\/culture distinctions\u00a0that\u00a0create a serious gap between “Forgotten People’ and conventional economic development strategies and practice. <\/span><\/p>\n

Finally, how economic development can better close that gap and offer the benefits of jobs, training, and place-based redevelopment to improve the lot of the “Forgotten People” is presented. Then we send the reader off on his or her merry way–with the caveat “the times they are a-changing<\/em>“.<\/span><\/p>\n

Slow Growth and Populism<\/strong><\/p>\n

The US economy is virtually the only major economy in the world still growing\u2014albeit at very low rates. In an historically low-interest rate environment this is bad news. The Financial Times\/Brookings Tiger Index (tracks global economic recovery) recently proclaimed the global economy is \u201csliding back into the morass<\/em> \u2026 reinforcing fears that many countries have been caught in a vicious circle of low growth, popular discontent and a backlash against trade \u2026 resulting against in more economic weakness<\/em>\u201d[ii]<\/a>. Unemployment, lowest in years, cannot offer hope as a solution. Indeed, the Census Bureau recently released data[iii]<\/a> demonstrating income has increased and poverty lessened. The economic policy pedal to the metal has been pressed for many years. It has largely done what it was supposed to do. One wonders if it can be maintained much longer.<\/p>\n

If the Federal Reserve raises interest rates\u2014as it soon must– that increases cost of debt service (deficits increase), and our currency (the dollar) exchange rates rise and hurt exports and emerging market economies–limiting their ability to import our goods\/services. This inhibits increased business investment. So there is no clear path, or a magic bullet solution, for our slow and very fragile economic growth. No matter who wins the election, they will confront frustration with slow growth or even recession, both of which strengthen \u201cpopulist\u201d left and right. Bluntly, as Martin Wolf, Financial Times economics columnist put it, it\u2019s time to \u201cend facile optimism about the future<\/em>\u201d[iv]<\/a>.<\/p>\n

A recent Financial Times article by Mohamed El-Erian, former Harvard University Foundation\/IMF\/PIMCO, now Allianz CIO, and author of \u201cThe New Normal\u201d <\/strong>asserts the least likely future economic scenario is continuation of current slow growth witnessed over the last eight years.\u00a0 Companies are more cautious, consumer spending has topped and will weaken, and the stock market is range-bound and strained. \u201cSuch disappointing economics acts as a fuel for political polarization and dysfunction. It feeds mistrust about \u2018expert opinion\u2019 \u2026 accentuates suspicion of the ruling elites and the establishment \u2026 the longer the economic weakness endures, the greater the influence of anger politics<\/em>\u201d.<\/p>\n

One thing is clear he asserts: “The \u2018new normal\u2019 is coming to an end \u2026 it has lasted for so long that it is now breeding the causes of its own destruction”\u00a0[v]<\/strong><\/a>.<\/p>\n

In a 2011 book, the Globalisation Paradox,<\/em> Dr. Dani Rodrik (Kennedy School of Government) called attention to a \u201cfundamental political trilemma<\/em> of today\u2019s world: we cannot simultaneously pursue democracy, national determination<\/em> [including protectionism] and economic globalization<\/em> [i.e. free trade\/comparative advantage]\u201d.\u00a0He argues free trade and trade agreements inspire intensified negative backlash, volatile politics, and perceived negative effects. For many the new global economy lacks legitimacy compared to the national economic systems most are used to.<\/p>\n

In a later article, Rodrik suggests the domestic “social contract” among classes has become undone–that “hyper-globalisation …<\/em> make it more likely that nativist politicians will gain ground. …<\/em>\u00a0\u00a0frustrations of the middle and lower classes are rooted in the perception that political elites have placed the priorities of the global economy ahead of domestic needs<\/em>“.[vi]<\/strong><\/a><\/p>\n

\u00a0<\/strong>What Went Wrong?<\/strong><\/p>\n

\"2006<\/a>

2006 Protest Against Free Trade with South Korea in Seattle<\/p><\/div>\n

Up to now studies\/policy prescriptions by authors from prestigious institutes, universities, and think tanks (heretofore promoters of, and beneficiaries from, comparative advantage and free trade) dominated policy-maker’s attention. All endorsed free trade; each offered its idea on the cause of slow\/no growth which has become painfully obviously since the Great Recession. \u00a0In recent months, however, the free trade paradigm has been challenged, at least to the extent that ill effects are acknowledged, the link between slow growth and populism incorporated, and critical factors identified. \u00a0Importantly, various schools of thought (ideologies) offer prescriptions and often challenge the propositions of other schools of thought. A debate has developed \u00a0which could be fundamental to global trade and finance.\u00a0This debate, I assert, is fundamental to the strategies and practice of American state\/local economic development.<\/p>\n

First from the left. The Financial Times noted \u201cPopulists are picking the wrong culprits. Globalization may be the focus of people\u2019s anger, but unequal growth in wealth and income maybe as much about the effects of taxation policy, or the distortions of recent monetary policy, or policymakers\u2019 failure to sustain gains in productivity \u2026 Policymakers … need to tackle inequality and make capitalism more inclusive<\/em>\u201d[vii]<\/a>. In short, the populists are wrong; they need to understand the core problem is capitalism itself, which needs to be more inclusive and the policy response should be redistributive to counter inequality\u2014the prime cause of stagnation. The left’s critical defense of inequality as the chief \u00a0cause of global stagnation has been based on \u00a0“the elephant chart” which “proves”, more precisely asserts, the correlation between the two are closely linked.<\/p>\n

This view, and the elephant chart validity, however, has been recently challenged by former World Bank economist Branko Milanovic and the prestigious Resolution Foundation (which advocates for the lower middle class) [1]. Milanovic recent analysis \u00a0rejects the\u00a0<\/span>\u201celephant chart” that asserts \u201cinequality\u201d is responsible for wage stagnation, rising incomes for super-rich, and low economic growth. What makes this Milanovic’s report so powerful is that Milanovic is the author of the \u201celephant chart\u201d. He now believes the data proves the super-rich have been disproportionately hurt by the Great Recession and that inequality has markedly narrowed in recent years. For Milanovic the cause of the developed world’s post-Great Recession’s slow growth has been the rise of China and her middle class[viii]<\/a>. The role of China and the Trump vote seems to be supported by a Wall Street Journal analysis entitled \u201cDeep, Swift China Shock Drove Trump\u2019s Support<\/em>\u201d[ix]<\/a><\/p>\n

\"David<\/a>

David Ricardo–First Known Model of Comparative Advantage<\/p><\/div>\n

The liberal (Keynesian) establishment, on the other hand, (for example Lawrence Summers) call for stimulus and infrastructure \u201cwhich can create quality jobs and provide economic stimulus without posing the risk of easy-money policies \u2026 They also see such investment can expand the economy\u2019s capacity \u2026 and mitigate the huge maintenance burden we would otherwise pass on to the next generation<\/em>\u201d[x]<\/a>. Infrastructure is in their view the most effective way to compete in a free trade environment. This reliance on infrastructure, however, ignores caveats of Glaeser[xi]<\/a> who argues the traditional focus on transportation-related infrastructure didn\u2019t work in 2010, and are not likely to work in the next round. Infrastructure also generates huge additional debt that, if the strategy is successful–prompting future interest rate increases–will be exceedingly expensive to service.<\/p>\n

In a later article Summers expresses concern that America’s fragile slow \u00a0growth is close to \u201cstall speed\u201d and that \u201cAfter seven years of economic over-optimism there is a growing awareness that challenges are not so much a legacy of the financial crisis as of deep structural changes in the global economy \u2026<\/em> [and that] it can hardly come as a great surprise that when economic growth falls short year after year, and when its beneficiaries are a small subset of the population electorates turn surly<\/em>\u201d. To address slow growth and surly electorates, he again stresses infrastructure, spurring demand and business investment and reform of the \u201cdark side of capital mobility<\/em>\u201d such as money laundering, regulatory arbitrage (by this I think he would include what economic developers call state business climate), and tax reform (removing sector loopholes).\u00a0[xii]<\/a>.\u00a0If Summer and Liberals get their way, economic developers will stand in line for infrastructure, demand\/business investment and \u201cshovel-ready\u201d grants for their projects. More emphasis will be placed on knowledge-based economics and on the unqualified belief that such innovation (and productivity) will inevitably create more and better jobs than they destroy. This is, in effect, the status quo.<\/p>\n

The traditional conservative establishment emphasize corporate tax reform, business investment, less regulation, infrastructure, and augmented business formation. \u201cWashington and state governments need to wake up and remove obstacles to investment, new business formation, and labor mobility. Encouraging investment in human capital and productive infrastructure is essential, and so is moving to financial and interest rate conditions that promote investment and growth.<\/em>\u201d[xiii]<\/a>. Critics observe much of this is a derivative of the usual neo-liberal, austerity that funnels scarce funds to business away from those who truly need it. Its success is dependent on victory by Republicans in the November election. Good luck with that. In any case, the conservative establishment endorses free trade, and the major exception, the pre-Trump Tea Party, which since Trump has disappeared from public discussion.<\/p>\n

Whichever of the above approaches win out. it is likely state and local economic development will continue to target sunrise industries and let sunset industries go their way into the cruel night\u2014with the appropriate program platitudes of skills retraining, job counseling\/relocation and need for higher education–which seemingly have not been a screaming success given the intensity and widespread populism that presently characterize our politics. Lost, perhaps predictably, in this interchange are the \u201cForgotten People\u201d who are displaced by free trade\u2019s sector shifts, innovation, the knowledge-based economy, and productivity.\u00a0[xiv]<\/a>\u00a0[xv]<\/a>.\u00a0The current fate that currently befalls taxi drivers, truckers, and coal miners will continue; they will be sacrificed on the altar of innovation, productivity and disruption. Nothing will change. This is the key issue the remainder of the article addresses. Presently, many current economic development strategies compound the plight of the “Forgotten People” by focusing economic development on sunrise sectors and compelling those displaced to find jobs in those sectors. \u00a0That plight results from what I call free trade’s inherent “lag and shift” syndrome–the subject of the next section.<\/p>\n

\"1280px-youngstown_sheettube_abandoned\"<\/a><\/p>\n

My Two Cents: Lag and Shift Syndrome (L&S)<\/strong><\/p>\n

The central assumption of free trade\/comparative advantage is free trade creates more jobs than it displaces. I am not sure where this assumption comes from, on what data it is based upon\u2014but I am sure the readers will supply me with the correct information.\u00a0 In the meantime, this article presents the \u201clag and shift\u201d syndrome (L&S) which I argue is inherent in a free trade global environment. Lag and shift does not fundamentally question or reject free trade or comparative advantage. It does assert that free trade does not work like a light switch\u2014there are shifts and lags that create the Forgottens, and to address their plight L&S should be acknowledged and incorporated into state and local economic development.<\/p>\n

L&S posits that free trade shifts jobs (and capital) from sunset sectors\/industry to sunrise sectors. Those displaced from sunset sectors are not necessarily the workers hired in the growth sunrise sectors. They are, in fact, likely to be different populations in different locations, and often different generations.<\/p>\n

Those who obtain jobs in growth sectors do so over a number of \u201cfuture\u201d years while those who are displaced from \u201closing\u201d sectors lose employment in the near term. For the most part they do not get hired in growth sectors in the short term\u2014or even the intermediate and longer terms. This is the lag effect. It is more likely those who benefit from free trade are members of an entirely different generation open to new skills, more mobile and willing to relocate, and hold different cultural values\/skills that can facilitate employment in new sectors. This is the \u201cshift effect\u201d, with different populations suffering the consequences of free trade and those benefiting from it.<\/p>\n

Free Trade may ultimately create more jobs than those lost, but free trade usually leaves behind populations that never recover lost prosperity or individual identity. Contemporary economic and community development has failed these people, pushed them aside, and has for the greater part put its eggs in the basket of the sunrise sectors and workers.<\/p>\n

L&S is not explicitly denied by the contemporary free trade\/comparative advantage paradigm. Indeed, it is commonly accepted\u2014but swept under the rug. Population mobility and workforce\/ displaced worker retraining or even entrepreneurism has been applied to counter L&S. This article asserts, however, that none of these solutions\u2014or any other used thus far\u2014has meaningfully countered L&S. There are individuals who benefit from such programs and strategies, of course, but history over the last fifty years provides ample evidence that the volume of successful program outcomes has not produced a critical mass sufficient to address the population adversely affected by free trade\/comparative advantage. That is a problem and an opportunity for state and local ED leadership.<\/p>\n

\"unemployed_men_queued_outside_a_depression_soup_kitchen_opened_in_chicago_by_al_capone_02-1931_-_nara_-_541927\"<\/a><\/p>\n

Displaced workers, by definition, have already entered the workforce and acquired some level of training in an occupation and industry sector. They have established a residence, and whatever their age have made a commitment to a geography. Their decisions often are heavily influenced by personal interests and preferences\u2014and the culture imparted by his\/her socialization. For their own reasons many are not willing, some are not able to shift occupations, relocate, or learn new unwelcome skills for jobs they cannot see in the community in which they reside and want to live. Many did not do well in school, and have little interest in returning to one. L&S creates a situation that dooms much of our current displaced worker\/entrepreneur strategies and their failure sustains and fosters the lack of hope that creates populism’s rage.<\/p>\n

Moreover, L&S not only has a time and demographic effect, it has a \u201cplace\u201d effect. There is no compelling reason to believe \u201cthe where\u201d of decline and growth must be in the same geography. L&S play are large role in our chronically declining cities and neighborhoods. .<\/p>\n

Displaced workers and those who perceive themselves as potentially displaced are the core of the “Forgotten People”. They usually belong to older age cohorts, reared in past socialization patterns and are often not of the same social economic class of those who (later) acquire jobs through knowledge, innovation, and sophisticated productivity enhancements.\u00a0They do not \u00a0inevitably and necessarily aspire to current conventional upper middle-class goals and lifestyles–or even the goals and motivations assumed as integral to our traditional economic development strategies. Most prefer homogeneity over diversity–i.e. although most are well-meaning and surprisingly tolerant, they are not politically correct.<\/p>\n

Their old jobs provided an identity and security which is now gone; many lack resilience and fear risk-taking \u2013and these attributes cannot be taught. Most are adults with families in the middle years of their life.\u00a0The likelihood is that those displaced more often are committed not only by a chosen occupation, residence, and family, but by the values and preferences imparted by their cultural socialization and role models as well. A major reason why traditional workforce and knowledge-based economic program prescriptions have not worked sufficiently well is that they do not take into account, or depreciate, the effects of culture and the attitudes and predispositions of their clientele.<\/p>\n

The plight of these “Forgotten People” is made worse by the reality of economic decline expressed in the slow growth of the American economy over the last decade\u2014and the profound weakness of the global economy. The recent trigger of extreme populations migration\/immigration in America and Europe have seemingly intensified the woes, fears, and unarticulated concerns of the Forgotten People and \u2013thank the lord (sarcasm)\u2014the media played them up\/distorted them \u201cideologicalized\u201d them– obscuring a core problem. \u00a0At root populism is class conflict which runs counter to our present-day identity politics focused on race, rights, empowerment and criminal justice.<\/p>\n

The inability of policy elites [and many economic developers] to bridge the gap–and transcend the different politics between identity and populist politics–between elite\/policy-maker’s culture, attitudes and values and those of the working and lower middle classes who are predominately displaced, has become a critical issue in state and local economic development.<\/p>\n

\"Post<\/a>

Post Brexit British Prime Minister Theresa May<\/p><\/div>\n

Economic Development: a “bridge over troubled cultures”<\/strong><\/p>\n

It is not likely anyone will ask the Forgotten People what they want. Therein lies the root of the issue. The displaced worker, the Forgotten are, in effect, intellectually and institutionally disenfranchised from participating in this policy dialogue. Lacking the background, skills and articulateness associated with policy analysis and program design, often skeptical of the process, and fatalistic regarding its eventual outcome, they lack for faithful and competent advocates to press their case. Until the “Forgotten People” develop their own leadership, not rich inarticulate narcissistic billionaires, they will be manipulated by the establishment. They will have labels nailed onto their heads and through their tongues by others who will use them to press for their own hobby-horses, policy agendas, and self-interests.<\/p>\n

State and local economic developers, however, look these people in the face when they shop,and take their kids to school, the mall, and football\/basketball\/hockey games. They are your neighbors; probably your relatives. They are a vital element of the community you serve. It is through us that the hopes and frustrations of the Forgotten can be addressed.<\/p>\n

On the face of it, what the Forgotten People need are jobs[xvi]<\/a>, and for that they must garner education and skills. No problem. That is clearly state and local economic development-related and we have the strategies and tools to work with this problem: workforce, job-training programs, incentives, attraction, retention, and at the state-level (and large city-metro) business climate and cluster development. The problem is, however, obvious\u2014this stuff has been around forever, along with this \u201cuniversity-and data driven economic development\u201d. Despite this \u201cstuff\u201d, there they are\u2014the Forgotten People\u2014it hasn\u2019t dented their rage, and more important it has not cured their ills.<\/p>\n

We haven\u2019t included them in the strategy debate, the program design, or the policy discussion.\u00a0 There are good reasons for this: they yell at you, they are bitter and fatalistic, they call for obviously \u201cwrong\u201d actions and initiatives, and like Trump they don\u2019t adhere to politically correct verbiage and attitudes. They just don\u2019t look at things the same way we do!<\/p>\n

\"archie_and_lionel_all_in_the_family_1971\"<\/a><\/p>\n

Welcome to the working class and their lower middle class compatriots.<\/p>\n

To enter into the world of the Forgotten People economic developers need to cross class lines. We should, I think, resist telling them they do not know what they want\u2014that they do not understand their own correct interests. The fact of the matter is they do. They do not want the same things the middle and upper classes want\u2014at least not in the same priority order. This is the cultural divide that separates economic development, even community development, from the Forgotten People. The divide is cultural\u2014not economic. They do not fit into the economic models. They are not wrong. They do not need to be converted\u2014their kids will do whatever conversion occurs\u2014maybe.<\/p>\n

They do not prefer, for the most part, redistributive programs. They want jobs and careers as they define them\u2014they do not want to work for the gazelles; they consciously do not want to be rocket scientists and computer programmers. They want what they know and feel comfortable with what they are doing. They want to be themselves. They don\u2019t want to be engineered into entrepreneurs. They are, for the most part, not risk-takers. Frankly, they identify with Archie Bunker, or if you will, with \u201cBig Head\u201d, not Richard Hendriks on Silicon Valley. They do not aspire to write compression algorithms.<\/p>\n

They value order, homogeneity and families, however broken and dysfunctional they may appear. They value their communities, home\/house, and neighborhoods\u2014they do not want to move. They are the reason we build sports stadiums. They don\u2019t retire to Florida or Arizona. Their kids may move\u2014but they don\u2019t. They are \u201clocked into a place\u201d. So they stay in place.<\/p>\n

Conclusion<\/strong><\/p>\n

By now the reader gets my drift\u2014to work economic development for the Forgottens we might consider that we have to open ourselves to other ways of thinking, and develop a new tool kit\u2014or maybe bring back an older one.<\/p>\n

To make economic and community development work with the Forgotten People we ought to see what jobs they define as appropriate. What should be clear is that those jobs and occupations, frequently defined as growing (hence “good” jobs) by conventional economic development are not attractive, perhaps not attainable, by the Forgotten People. Amazingly, this article hints that maybe economic development should also create “bad jobs” to provide opportunity to the “Forgotten People”.\u00a0Forgotten People do not have \u201cpolitically correct\u201d career goals and aspirations. Rather jobs in housing, the helping occupations, vocational jobs like electrician and plumbing\u2014and truck drivers and taxi cab drivers are more compatible with culture and working class risk-taking. These jobs are compatible with working class\/lower middle class culture, and are, of course, the jobs our innovation, knowledge-based, artificial intelligence\/ software, and productivity enhancements destroy. \u00a0We need to square that circle.<\/p>\n

In short, to deal with the Forgotten People, economic developers might unlearn much of what they have been taught. Innovation and knowledge-based ED, skills retraining, and entrepreneurship might work for some of their kids, but for adults it is a different ball game (yes, there are always exceptions to this\u2014so help them be an exception). An important concept in providing economic development to the Forgotten is to recognize the distinctions among demographic cohorts. Teaching new tricks to an old dog seldom works\u2014not because the old dog cannot learn\u2014but because he\/she doesn\u2019t want to.<\/p>\n

\"fdr-march-12-1933\"<\/a><\/p>\n

That means economic development has to reach beyond infrastructure, per se. Building bridges and roads, and big expensive super bullet railroads reaches a handful. We need neighborhood improvement programs, housing rehab programs with rehabbers trained with manpower funds, lots of brownfields and lots of replacing our broken pipes that deliver chemical-laced water to our faucets\u2014when they don\u2019t leak and create sinkholes. Where is the old \u201cCCC\u201d\u2014maybe it\u2019s time to dig up that old book on FDR, Eleanor and the New Deal. \u00a0Maybe it\u2019s time for what FDR\/JFK and LBJ called \u201carea-wide\u201d solutions like TVA and the ARC\u2014repair the grid. Let’s figure out how to phase out sunset industries. Let\u2019s focus on people working at jobs they want and can identify with–forgive me for saying this–when you work with the Forgotten People you say the wrong things.<\/p>\n

Whatever side you might be on\u2014most likely none\u2014it\u2019s hard to ignore we are in the midst of a disruptive and confusing, certainly unsettling, political period. Superimposed on a period of Great Recession and slow growth there is strong suspicion the election will settle little. The times are a \u2018changing; once unleashed the genie of reaction, hostility and change does not magically go back into his\/her bottle because one side won a presidential election. We need to develop a better tool kit sensitive to cultural differences\u2014inclusivity should include the Forgottens. I suspect it won’t be allowed to.<\/p>\n

Unfortunately, as time wears on, unrest will pick up steam. Trump is just the first inning of a nine inning ball game.<\/p>\n

 <\/p>\n

End Notes<\/strong><\/h3>\n

[i]<\/a> Richard Haass, the Isolationist Temptation: Wall Street Journal Review, Sat\/Sunday, Aug 6-7, 2016, C1<\/p>\n

[ii]<\/a> Chris Giles, Global growth sliding into the morass\u2019, October 3, 2016, p.2<\/p>\n

[iii]<\/a> \u201cincome, Poverty and Health Insurance Coverage in the United States: 2015\u201d, Census Bureau, September 13, 2016, CB 16-158, https:\/\/www.census.gov\/newsroom\/press-releases\/2016\/cb16-158.html<\/p>\n

[iv]<\/a> Martin Wolf, \u201cAn end to facile optimism about the future\u201d, Financial Times, July 13, 2016, p. 9.<\/p>\n

[v]<\/a> Mohamed El-Erian, \u201cYet more low but stable global growth is unsustainable\u201d, Financial Times, September 30, 2016<\/p>\n

[vi] Dani Rodrik, \u201cDeglobalisation is a chance to make good an imbalance\u201d, Financial Times, October 6, 2016, p. 11<\/p>\n

[vii]<\/a> Editorial, Financial Times, September 17, 2016.<\/p>\n

[viii]<\/a> Chris Giles & Shawn Donnan, \u201cIncomes Study Tears Up \u2018Elephant Chart\u2019\u201d, Financial Times, September 13, 2016, p 6<\/p>\n

[vix]<\/a> Bob Davis & Jon Hilsenrath, \u201cDeep, Swift China Shock Drove Trump\u2019s Support\u201d, Wall Street Journal, August 12, 2016, pp. 1,6<\/p>\n

[x]<\/a> Lawrence Summers, \u201cThe Urgent Need for Infrastructure Spending\u201d, Financial Times, September 12, 2016, p. 11<\/p>\n

[xi]<\/a> Edward Glaeser, \u201cIf You Build It\u201d, City Journal, Vol. 26, No. 3, Summer 2016, p. 25<\/p>\n

[xii]<\/a> Lawrence Summers, \u201cVoters Sour on Traditional Economic Policy\u201d, Financial Times, October 10, 2016, p. 11<\/p>\n

[xii<\/a>i]\u00a0Marie-Josee Kravis, \u201cWhat\u2019s Killing Jobs and Stalling the Economy\u201d, Wall Street Journal, June 4-5, 2016, A9<\/p>\n

[xiv]<\/a> See Amity Shlaes, Trump\u2014and FDR\u2019s \u2018Forgotten Man\u2019, Wall Street Journal, July 26, 2016, p. A15. She is author of \u201cthe Forgotten Man: A New History of the Great Depression\u201d (Harper, 2007).<\/p>\n

[xv]Amity Shlaes, Trump\u2014and FDR\u2019s \u2018Forgotten Man\u2019, Wall Street Journal, July 26, 2016, p. A15.<\/p>\n

[xvi]<\/a> Nicholas Eberstadt, \u201cMen Without Work: America\u2019s Invisible Crisis\u201d (Templeton Press, 2016); Louise Anderson et al, \u201cOpportunities for All: Strategies for Inclusive Economic Development\u201d, International Economic Development Council, 2016<\/p>\n","protected":false},"excerpt":{"rendered":"

“The times they are a-changing”.The article outlines the link between populism and slow economic growth. Free trade is the accepted paradigm of global finance and trade. Free trade is characterized by a “lag and shift” dynamic that has made life for our “Forgotten People, the working and lower classes. hell, hence the rise of a hostile populism. Look for no real help to those who are hurt by free trade from these ideologies and paradigmatic economic development strategies. Class and culture distinctions create a serious gap between conventional economic development strategies. Economic development can close that gap by offering jobs, training, and place-based redevelopment to improve the lot of the Forgotten People. <\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"post_folder":[],"_links":{"self":[{"href":"https:\/\/journal.c2er.org\/wp-json\/wp\/v2\/posts\/3923"}],"collection":[{"href":"https:\/\/journal.c2er.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/journal.c2er.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/journal.c2er.org\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/journal.c2er.org\/wp-json\/wp\/v2\/comments?post=3923"}],"version-history":[{"count":19,"href":"https:\/\/journal.c2er.org\/wp-json\/wp\/v2\/posts\/3923\/revisions"}],"predecessor-version":[{"id":3953,"href":"https:\/\/journal.c2er.org\/wp-json\/wp\/v2\/posts\/3923\/revisions\/3953"}],"wp:attachment":[{"href":"https:\/\/journal.c2er.org\/wp-json\/wp\/v2\/media?parent=3923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/journal.c2er.org\/wp-json\/wp\/v2\/categories?post=3923"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/journal.c2er.org\/wp-json\/wp\/v2\/tags?post=3923"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/journal.c2er.org\/wp-json\/wp\/v2\/post_folder?post=3923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}