The “hidden secret” is that: All Economies are Local.
We need a “New Keynes” to re-write the economics textbooks…”as if” that were really true. It can be done…
Until then, the downward spiral of Free Trade and Globalism will continue…with it’s apologists becoming increasingly desperate to explain away the anomalies…like the structural US trade deficit and the plunging dollar.
Free Trade, in theory, recognized that all economies were local…and expressly allowed those with “special local advantages” to prosper from free trade.
But mass low wage labor and environmental degradation are not allowable free trade “advantages” contemplated in the original theory.
