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Awesome vid - I feel like it does a good job of rounding out where we've been and how much things have changed. Love the addition of numbers and figures to back up the narrative
Yea if you take any statement from trump at face value, or as some truth, you lose a lot of your credibility. It's like thinking putin to going to be honest. It's absurd.
as someone who works in manufacturing, i have always hated globalism. Most people don't seem to realize how much innovation is made on the production floor. So when large companies move production to the east, we are not just losing jobs, we are also losing knowhow and and ability to create better products.
Yeah, but we are getting products at a better price and most of us cab skill into service roles that provide way higher pay and thus standard of living. If you think you will have the same lifestyle you have today in an isolated economy you are wrong... EVERYTHING will cost you more relative to your wage. Say goodbye to cheap food, hardware, clothes, etc.
bro.... you are danish, your country biggest company is MAERSK, the biggest cargo transporter in the world.... their revenue was 84 billion dollars last year, 17% of Denmark GDP... and i am not even mention another big logistic company like DSV. 50% of the danish economy relies on international trade... your welfare, your currency, your pensions.... all came from "globalist money" you are just afraid of competition.
@@newtubevector Cheap anything is a neo-colonialist bubble. There is no stability in relying on foreigners to work for peanuts so you can get cheap junk. Modern liberalism is poisoned by short-termism :(
Here in Ukraine I wanted to work on a factory when I was a kid. I liked the idea of production. But soon I learned factory is a shitty place with low wage, where people's leisure is to drink. So I had to start working in IT sector 🤷♂
І це все при тому що фабрика може приносити більше корисних речей більшій кількості людей, але просто через тому що будь хто може там працювати то через це й нижча зарплата, і бо всі гроші йдуть твоєму босу, ти часом як на ІТ можна працювати інді
Europe needs to invest in manufacturing in Eastern European countries like Romania, Ukraine, Bulgaria and maybe Balkans too. It is shame that we have countries were people are still struggling to find job and are poor. With increasingly unsecure environment around the world it would be beneficial to be more self reliant.
Yeah, a big thing about globalization is that it completely missed Eastern Europe, focusing more on the states like China and Russia in an attempt to make them more democratic
You are wrong about Milton Friedman and welfare, Milton Friedman was for welfare system sort of proto UBI universal based income, except that it is like a negative income tax, if you are poor you get welfare, as you earn money you get less but disproportionate to your wages so earning money is always a net benefit unlike today you can lose welfare by earning money. It is a more equitable and egalitarian system than our current one ironically, but people still think Milton was against welfare. Of course in his ideal society welfare wouldn't be needed, but we don't live in ideal society which is why Friedman invented his concept of Negative Income Tax based UBI system.
@annoyingcommentator1582I've watched a lot of lectures of his spanning about 30 years so far, he seems pretty consistent on the negative income tax thing. He changes his mind on what government size he thinks we need more than his negative income tax idea, from what I've gathered so far. I still have a lot to listen and read tho.
A little more protectionism and a little less globalization go a long way for local production in all the countries that aren't the world's 'sweat shop' like Communist China. Conversely, it reintroduces jobs to the countries that off-shored their production for the cheapest bottom line, as well mass immigration lowers the bottom line for corporations as it takes away bargaining ability from low-skilled workers who don't have options and are forced to accept the minimum pay and minimal benefits due to the ease of their replacement. Globalization may have lowered prices on consumer products but hurt the workers who either once had jobs in industries that no longer exist in their country, or work in industries that will replace them the moment they ask for more. Think of the prosperity of the 50's in the US, and compare it to today, nothing has changed besides the greediness of elites and corruption of politicians.
Prosperity of the 50s is more a result of not only winning WW2 but suffering the least damage to infrastructure/manufacturing facilities… it was an abnormal economic situation in history. With low birth rates and expensive retirement benefits developed countries can’t afford drop in working age population but I think should be more focused on those with education/skills.
@@EdT.-xt6yv ......But without the economic desolation of manufacturing towns of the northeast, rust belt and urban cities, we wouldn't have Punk, Heavy Metal and Hip Hop music/culture!?! If everyone is doing well, where's our angst art going to come from???
@@juniorjames7076 We gotta acknowledge that most “metal” metal has its roots in classical music. What was Mozart suffering at the time? Let’s go back to those ails.
The prosperity of the 50’s existed because the US had no industrial competition. I do agree that we need more domestic redundancy in production, however we do need to acknowledge that it comes at the cost of high inflation for the next decade or so.
If you think the American Rustbelt you show there got hit hard by globalization, look at that little spot of Ontario it surrounds; the jobs moved to the American Rustbelt at the same time, and decimated the Canadian Rustbelt with equal tragic results.
I'm from Pittsburgh. I've been to Toronto a few times, and yeah it wasn't that different from home in some areas. The whole Great Lakes region got slammed. I live in an area full of abandoned steel and coal buildings, the manufacturing days here are long over. I don't how it's going in Ontario, but I hope you guys have enough jobs to go around now. Pittsburgh was lucky to find new jobs in robotics and education. I think that's where the future is for the city. I think even if steel manufacturing comes back, it won't nearly be to the level of what it was, and nobody's going to open new coal plants or mines anymore, we use natural gas now. Everyone here is tired of oil in the water from fracking, and trains derailing with chemicals like what happened in Palestine Ohio, to add coal dust and smoke to that list is not going to fly with anybody. I think people here really want the area to be clean, because it hasn't been for the longest time, and if we have to sacrifice the manufacturing jobs for other jobs, maybe it's a good thing for people's health in the long term. Education and robotics won't leave scars on the land and ultimately on us like coal and steel do. Sucks for blue-collar workers though. If all you've known is the steel or coal industry, it's hard to change. But change comes regardless of if you want it or not.
Protectionism's biggest issue is it will drive up prices. Globalism's biggest issue is it drives down wages. What we need is a happy medium. Not that I know what it is.
I mean globalization is basically what made our societies so rich and currently not a lot of people have expertise or would want to work in industrial jobs. The other thing is physical jobs are generally paying less and so transition to protectionism will most likely bring long term decline in every economy
@@plumpy8854 I agree to certain extent, but if we want every country to transition to a rich economy (per capita) we will need to divide the unproductive and ineficient work, like agriculture, otherwise half of the world (which is poor) will sustain the other half that is rich. Thats the why I think we should consider at least making every country more self-suffient, and it will increase innovation in the unproductive areas of our economies if we do so too
Globalization is simply a race to the bottom. Isolationism might bring back quality and high end products. It’s an entirely different game when you can’t hop between lowest bidders.
On the other hand, the isolation of the USA could lead to an economic collapse. USA have always been export-oriented. In the name of the global market, the USA has limited its production to a few key sectors.
here in the EU standards haven't dropped just because we trade more between countries due to open borders. The issue is upholding regulation: high standards leads to high quality products. But at a much lower price than isolationism
@M3rl1n177 countries like China and Germany are much more reliant on exports and global trade than the US is. The way that the US is "reliant" on global trade, I think, is more about people using the US dollar than anything.
@@chickenfishhybrid44 The problem is that once the main partner or component producer for the German economy was the USA and European partners, but over time, American production declined in favor of China. In other words, the USA raised China on its own breast.
We now know trickle down economics does not work, when most of what’s contributing to inflation is corporate profits, while every day Americans prop up a world system that no longer caters to them.
@@TheSharadwaador both - but none relate to the statement "trickle down economy" and "Americans propping a world system that no longer caters to them" - 2 statements that I'm skeptic about. As there is no relations to ur question it seems easy to assume ur engaging in deflection.
Hyperglobalization has only benefited the great world powers such as the US 🇺🇸, China 🇨🇳 or India 🇮🇳, and has harmed many other countries. Here in Spain 🇪🇸 we know it well; we had an important industry in the north of the country (fishing, steel, metal...), but everything was dismantled in the 80s, a large part of the production was relocated and now we are a... tourist power. We produce sun 🌞, beach 🏖️, paella 🥘 and little else.
As an American I can promise you it hasn’t benefitted us. It’s benefited our elite, but not our people. We have no healthcare, no affordable housing, a 7 dollar minimum wage, crumbling infrastructure, and the worst inequality in over a century. It fucking sucks here.
It benefited the elite. Just like the so called “culture war” benefits the elite as a red herring while they wealth disparity steadily increases and the middle class dies.
your wrong. Hyperglobalization has only benefited the wealthy and corrupt. in the US we lost the manufacturing jobs that gave rise to and fueled our middle class. now where all dirt poor and struggling to make ends meet. China and India saw their natural beauty bulldozed away and their land poisoned with industrial chemicals while their people were forced to work in sweat shops for slave wages! At least your people will still have a future when this shit show ends. China and India will be fucked for many generations to come!
Post coldwar globalisation was never going to last. Its possible in a world without great power competition and cooperation however in a world of growing great power competion between china, russia, america/nato globalisation is mearly a vunerablity and more secure supply chains are more important and valuable then cheaper ones. Thats not even mentioning the other socialopolitical impacts on the developed world
Benefits? What benefits? No i am being serious, what benefits do i have as a westerner? That i can travel on vacation without a visa to a select few nations? Honestly what do i as a regular person gain? My job unless it is in the service industry can be taken away at any moment and moved somewhere else. My boss can change his residency so he does not pay taxes, am i just working for the shareholders? Who thought this was a good idea?
Ur benefit is called a salary. Ur relationship with ur boss ends there. What u want is to have a say on how economic actors operate beyond or role - so did national socialism, comunism and all other bad isms of 20th century. It's the branch manager rulling over the company owner 😂😂😂
@waitwhat1320 nope, all those respect private property rights at least in spirit. Very diferent albeit being propagandized as if it was the same in the last 2 decades, mainly by political actors who really want power without competition, aka authoritarians and totalitarians of all political flavours.
That's what happens when you shift production en mass to other countries and don't establish the minimum required welfare to absorb the social impact, lack of common sense really, or a low quality political class. Or maybe it's just cultural problems, who knows
The low-cost labor group includes textiles, apparel, toys, and electronics assembly. This is the shit that we moved to China; Jobs in these businesses are the most globally tradable; manufacturers in these businesses develop global supply chains to optimize access to the right low-wage capabilities. Manufacturing has fallen from 30% of US employment in 1950 to 10% today, even as output grew steadily; and manufacturers have consistently raised productivity through automation and innovation in products and processes. Indeed, in advanced economies, manufacturing has become the engine of productivity growth, providing about a third of productivity improvement in the US, or three times its contribution to employment. Manufacturing also leads in research and development, supplying up to 70% of private-sector research and development funding in advanced economies. Manufactured goods also remain the largest source of exports in most advanced economies. Really we make the same amount 3x less employees, 3x more productively.
Europe is known for its welfare and it didn't worked this around either. On the contrary, all european countries have leaches who live off welfare and teach their kids to keep in welfare as opose to look for contributing.
@@Kenneth_James But 3x less employees, 3x more productively is not exclusively a good thing. The employees previously working in local facilities could spend their income while now some of them might be unemployed. It's complicated.
What a phenomenal video! This one in particular really puts things into perspective for me. I love your channel and have been watching it for the past year or so. Please keep up the phenomenal work! :)
Great video. Always amazing at the depth of the research that goes into these vids. Many people have bitched about the wars America started during globalism protecting the system, but it’s going to find out real quick how many wars America actually prevented when shit his the fan all over the place without America’s involvement.
Reduction on imports dependancy will force more industrisation in developing economies which will be a benefit but slow in innovation due to protectionizism
Innovation has always been totally dependent on the government investing into research. If the government are allowed to be a part of the economy again that might lead to more investments into research and more innovation. Maybe. There will be a lot of duplication though if everyone has to do everything.... lets yeet those patent laws. Even that probably wont be enough to compensate the smaller markets and duplication/waste except maybe for China who has more engineers then the rest of the world combined.
Globalization is a good thing, but not when it means moving away from domestic production in favor of opening sweat shops in countries with cheaper wages. A balance must be met and maintained.
Cheap, foreign made products cost in other ways. We would be much better off with a manufacturing industry and more expensive products than with service industry jobs that create nothing.
Great video! I'd love to see a video about the economics of illiberal democracies, especially Viktor Orban's Hungary. I don't like him, but it's hard for me to judge his economy, as I live in Hungary and the propaganda here is terrible. Another question is, do you think China or Russia can/will ever transition to democracy? I think both countries eventually should as they seem to be in dire situations, but maybe I'm just naive.
Problem is, for a real democracy, you need educated and independent citizens, that are capable of understanding what is happening to their country and vote accordingly, be financially literate enough that they don't allow oligarchs to take advantage of them etc. The only way you'll get a system change in Russia or China, is if the current model stops working, in which case I reckon it would be a repeat of the 90s in Russia, where people were not economically literate enough to understand what is happening in their country, many of them lost out in that chaos, and now associate democracy with chaos and bad times.
Idk about China but for Russia change will have to come at some point. I have no idea what kind of change it will be. But current model is unsustainable. For centuries, since the time of Muscovy, the economic model was pretty much "sell natural resources to keep elites, and what's important, Moscow fed". From fur to grain to oil+gas. But here is the thing, even without the war, Russia projected that oil extraction would drop, any kind of problem to get equipment and western expertise is just accelerating the trend predicted almost a decade ago. So we have drop in revenue to distribute, and no natural resource on the horizon will most likely be as profitable as oil+gas St the same time Moscow + region got absolutely massive over the last 30 years. So we have more mouth to keep happy. (regions barely matter, only Moscow + St. Petersburg does) You can't continue current system, while both supply and demand run contrary to the continuation of the system. At the same time, and this is more pseudo, current war will finally answer the question of "what kind of Russian nation Russia will be?" is it going to be more of a pan Russian project encompassing all of current Ukraine and Belarus or smaller project of basically just modern Russia. The question should've been answered in 1917 but since Soviets managed to reform the Empire, it was put on a shelf for 80 years. If Russia finally closes the old question it can finally move on. Or I can be wrong and Russian state will just tax it's own population harder, while feeding them the story of having to revise the past for the next century
@Poctyk I can tell you what change would happen. Ultra nationalism. It's not just a Russian problem. Europe suffers from these tendencies as well. That never translates into economic prosperity, especially when you have a shrinking population.
This is an excellent video. You covered the current accounts deficit and how jt plays into the us role as gloval reserve currency was something rhay sruck out to me provong you really did tour research. Bravo
I lived in the Reagan and Clinton years. Your view is 20/20 hindsight. They said products would be cheap and they were, but how much cheap junk do you need to fill your storage facility? Our culture about consumption needs to change!
I am impressed with your analysis as most people who talk about "globalism" either leave out or under value the Brentonwood's accords which in terms of history was extraordinary. The one thing you may have left out is not only did the U.S. agree to use its Navy to keep the SLOCs open for trade but signatories to the accords could sell into the U.S. market (the largest by far at the end of WW2) . This was all done to battle the Soviets in the Cold War. The Cold War ended in 1992 (I know I was there) and I would argue that is when "Globalization" started to break down. It's been coasting to an end since. The Soviet Union is gone, the U.S. Navy has reoriented itself in terms of power projection over the last 20 years, the U.S. economy although still the largest it is not able to absorb all the inputs from all over the world. For how far apart they may seem, Biden and Trump's foreign policies are very similar. The U.S. has been heading back into one of its isolation periods, COVID just has speed it up. The world 10 years from now will look more like 1924 than 2024. Good work. Just one observation. "Trickle Down Economics" is not an economic model. Juding by your video you are a good researcher, do a search. You will find a lot of political articles, but you won't find an economic "school" or "policy." It's a common mistake. Again, you have done good work.
Well then you will just have to hold on to the one you’ve got longer and save your money then! This is the way it once was with electronics and we all lived just fine! You don’t need a new phone every single year to live a happy life!
They already can’t a lot of them pay on credit 😂 now imagine a worse and pricier iPhone, poor Indians rate failure, besides the USA doesn’t have the skills anymore 😂 How many people would pay close to 10k because apple likes 50% profit margins
I would like to think so... but I wouldn't bet on it just yet. Once the greater majority of leading nations abolish currencies, then Globalisation will dominate all financial and national models. The new Imperium will be digital in operation, visceral in brutality.
I believe in capitalism. But I also believe in protectionism to a degree. When a country runs a huge trade surplus like China does. They are exporting their social problems along with their products to other countries such as America. Tariffs are a good way to make up for China, not having any environmental rules and not having, things like a social safety net for their people. In other words, they have an unfair advantage not to mention the government feeding money into targeted industries. Japanese used to do that too, and they were the first ones to start trashing the American economy. I want us to be competitive And hard-working here and God knows we need some reform of our tax system and a lot of the regulation. But in the end, those people who may have lost $3000 of their income through the tariff are probably gonna gain it back by having a better paying manufacturing job instead of having to work at McDonald’s.
I’m sick of hearing younger individuals saying they don’t care where something is made long as it’s cheap! They have no patriotism whatsoever and would sellout their own country to the Chinese government if they think they’ll get more cheap junk they really don’t need out of it! These fools don’t seem to understand when everything is outsourced and a few countries in Asia control the prices of everything they’re not going to be able to afford anything!
It's actually the boomer capitalists that think like this and it's their business decisions that led to outsourcing of manufacturing jobs, now poor consumers are forced to buy cheap stuff out of necessity...
It will only increse the goods prices (consumer will be the ultimate payer) cause security on trade routes will just be more expensive, but still cheaper than those same goods locally produced.
@@puraLusa I personally believe tensions will cool over the next 10 years. Most of the world sees the wars in Israel/Palestine and Russia/Ukraine and see the dangers. I hope I'm not being too optimistic.
@@teddykayy there are those who desire and work for said disruption and increse of tensions. All this isn't by chance. There are more conflicts / wars that ur not grouping with both of those.
Governments want war but we citizens at least in Europe don’t want to , so we aren’t falling for the scare mongering, although everyone agrees that we agree that we need to be prepared if needed but more of a show of power, I doubt Russia can fight on two fronts but they have a lot of meat cannon so we never know. The pandemic showed consumers don’t mind paying the price if is still cheaper overall. People like to complain and that will never change is our favorite pastimes and the cheapest one😂
Globalization has never been about economics for the US. It was a security deal plain and simple. You be on our side against the soviets and we protect your trade with our enormous navy. Our navy is no longer enormous nor do we need your help against the soviets anymore. We have no reason to not be isolationist again
This was really well done it touched on a lot of points and honestly had me reconsidering my own opinions an outlook on the economic and geopolitical future of the world 🌎🌍 I felt like a lot of My views were affirmed however at the same time the origins or in other words my thoughts on why these changes were coming about has expanded
Globalism is definitely going away, but as a voting American, no I’m not ready to watch America abdicate it’s global leadership position. Globalization as an economic idea might be going away, but we aren’t abandoning our allies or friends
I think there needs to be a balance. Hyperglobalization had all sorts of issues, but I don't think Isolationism is the answer we may think it is. I'm just not sold on the idea of trading one extreme for another, is all. There has to be a balance somewhere in the middle.
Yes you are, when haven't you abandoned allies and friends before, it's literally the playbook you play by. Also the fact that you export your culture so much around the world has literally turned europe into not europe.
Rejection of Globalism doesn't mean ending free trade and commerce but rather protecting it. If you do not defend the domestic interests of your nation first and foremost with the premise of honest friendship and commerce with all nations alliance with none then you are doomed. NATO for example was supposed to be a self defense only treaty which has been largely expanded into an offensive military weapon. And it doesn't mean either that the US will allow China to take over the South China sea to hold the planet's trade routes hostage either. Again it simply means that you prioritize your nation first followed by the rest. Is not algebra.
It’s not like they moved their military shipyards over to China. They moved stuff like making plastic forks and knives overseas, not aircraft carriers.
I just want the 1950’s again, but for everyone this time regardless of race or ethnicity, and for counterculture to be based on quality rather than edginess.
I just bought a new mobile phone. Nothing from China or at least possible, if the first was not possible, was my guiding star. It became a Samsung because it is not made in China. It is perfectly fine if other countries in, for example, Asia have contributed to the manufacturing - just not China.
Almost as if the control of a very select few over a very unwilling many is slowly eroding, before our very eyes, I'm crying, but with joy :_) Oh right, power vacuums... :_(
Oh yeah you can feel the managed democracy that is hell divers 2
6 месяцев назад
I think you mentioned Ludwig von Mises when you meant Friedrich Hayek, his disciple. Hayek was influential in the “”neoliberal”” era, but Mises was quite dead by then
Good thematics ! I have to say that some economists are already taking ahead on this tendency, some geopolitics analysts too, but very few for the big picture at this moment. Unfortunately for us, it is going to happen anyways, america retreating from peer to peer, china not wishing to hold the corridor of indian ocean, the threats for cargo ships from middlle eastern and african corner pirates and islamic groups. All these troubles will come hard for developing countries like my own, but at the same time it will stablish the red carpet for the states/countries that want to provide safety zones for commerce, shipping and so on, of course, for some price of bargain.
"10% tarriff would cost additional $2000/household" what are we up to in inflation? $4500? If I have this right..Austrian School believes inflation is increased monetary supply without demand for it. Keynesians believe inflation is demand for goods without supply. Rather suspiciously, "COVID-19" gave us both record monetary supply inflation, as well as a decrease in the supply of goods. Hmmm...🤔 Purposeful obfuscation in my opinion.
tariffs raise prices on you and me. Before progressive income tax, tariffs was the main source of government tax. It was regressive tax because everyone paid the same rate regardless of income.
That video does not go far enough down the rabbit hole to dig up planned obsolescence. What is NDP, Net Domestic Product? There were 200,000,000 motor vehicles in the United States in 1994. Where did the depreciation go?
7% of the world economy down the drain sounds pretty undesirable, not to mention long term slowdown in research and growth. The world is already advancing ever so slowly, hope it doesn't come to pass.
The negotiations that resulted in NAFTA began during the Reagan administration and continued through the elder Bush administration. It was only a trick of timing that resulted in Clinton signing the treaty.
I don't think it's a system that matters I think it's the people in the system so if you have a theoretically flawless system but you put a bunch of assholes to run it it's no longer flawless right?
The problem with global isolationism from my pov is regional conflicts, as it becomes less easy to secure modern economic resources like oil for some countries. These conflicts can run out of hand and cause the next world war. Its not so black and white folks. American jobs for instance arent going to all come back from China, we will just move it to our region's China. Mexico. Net benefit for the NA region in comparison to true globalism, sure, but the destablization could cause a collapse and warring states period in the east, which could again spread to WWIII. Thats just one example. Whatever the option is, it needs to be measured and not absolute. Not globalism of 80s-90s, but hybridized to specifically avoid the emergence of aggressive regional powers. In short Unipolar world>multipolar world in my argument. If there is a multipolar world then humanity writ large needs a system to counter-force the nature of our nation-state paradigm.
Isolatianism... really... It's a simple question: Do you want to work in a sweatshop or do you want your new phone to cost 20k? Isolationism will bring one of those, if not both. The only reason food, hardware, clothes, etc. are cheap is because of low wages abroad and good education here that makes "exploiting" them possible. The wage you give for manufacturing is priced in, so if everything is made here assuming at least the same wages: the price for the set product will need to be 10x to be profitable. It's the most basic math possible. You have to be profoundly stupid to think that you will have more from trading less. To draw this way of thinking to the extreme: WHY NOT JUST DO EVERYTHING YOURSELF!?!?! Then there will be 0 exploitation right? Come on now! make a phone, by yourself. XD Human cooperation -> more specialization -> more efficiency -> more products How is that hard to comprehend?
I think more than good education is good governance (less corruption…) is the key to keep living standards up since highly educated people are being “produced” in many less developed countries. What brings them to immigrate to developed countries (and bring their wealth also) is good environment and good government institutions.
Nothing is cheap, everything is expensive and it is costing us everything. The only people that benefit are the ultra rich. We don't need smart phones, we need civilization, which we currently don't have, we live in barbaric times, the new dark ages is now.
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HYPER* before the views go up 😭 unless this was on purpose
Awesome vid - I feel like it does a good job of rounding out where we've been and how much things have changed. Love the addition of numbers and figures to back up the narrative
Yea if you take any statement from trump at face value, or as some truth, you lose a lot of your credibility.
It's like thinking putin to going to be honest. It's absurd.
as someone who works in manufacturing, i have always hated globalism. Most people don't seem to realize how much innovation is made on the production floor. So when large companies move production to the east, we are not just losing jobs, we are also losing knowhow and and ability to create better products.
Spot on neighbor.
Yeah, but we are getting products at a better price and most of us cab skill into service roles that provide way higher pay and thus standard of living. If you think you will have the same lifestyle you have today in an isolated economy you are wrong... EVERYTHING will cost you more relative to your wage. Say goodbye to cheap food, hardware, clothes, etc.
And all of those things sent overseas became cheaper which allowed more americans to afford more things which took more people out of poverty.
bro.... you are danish, your country biggest company is MAERSK, the biggest cargo transporter in the world.... their revenue was 84 billion dollars last year, 17% of Denmark GDP...
and i am not even mention another big logistic company like DSV.
50% of the danish economy relies on international trade...
your welfare, your currency, your pensions.... all came from "globalist money"
you are just afraid of competition.
@@newtubevector Cheap anything is a neo-colonialist bubble. There is no stability in relying on foreigners to work for peanuts so you can get cheap junk. Modern liberalism is poisoned by short-termism :(
as an American, I'd rather see a healthier, more socially connected society, instead of an abundance of cheap plastic shit.
Oh that's cute, you think this ends with a socially connected society..
yeah, what you end up with is more plastic and a less connected society
Of course
Quite the oversimplification you got there, buddy. Very populistic of you.
American average IQ is only 86. Why would we listen to you??
Here in Ukraine I wanted to work on a factory when I was a kid. I liked the idea of production. But soon I learned factory is a shitty place with low wage, where people's leisure is to drink. So I had to start working in IT sector 🤷♂
І це все при тому що фабрика може приносити більше корисних речей більшій кількості людей, але просто через тому що будь хто може там працювати то через це й нижча зарплата, і бо всі гроші йдуть твоєму босу, ти часом як на ІТ можна працювати інді
Europe needs to invest in manufacturing in Eastern European countries like Romania, Ukraine, Bulgaria and maybe Balkans too. It is shame that we have countries were people are still struggling to find job and are poor. With increasingly unsecure environment around the world it would be beneficial to be more self reliant.
Self-reliance is a mith sold by political actors with bad intentions.
Yeah, a big thing about globalization is that it completely missed Eastern Europe, focusing more on the states like China and Russia in an attempt to make them more democratic
@@mekolaynwhat?
A quick reminder. If Visegrad 4 was a single country, it would be the single largest bilateral partner of Germany.
@@mekolayn are you kidding. Germany outsources to the Visegrad countries instead of China.
They already do! Many things like appliances and even cars are made in Eastern Europe!
HYPER BROTHER CHANGE IT QUICK
hiperquick change!
@@GoodTimesBadTimes actually laughed 😂 thanks for all the great content
You are wrong about Milton Friedman and welfare, Milton Friedman was for welfare system sort of proto UBI universal based income, except that it is like a negative income tax, if you are poor you get welfare, as you earn money you get less but disproportionate to your wages so earning money is always a net benefit unlike today you can lose welfare by earning money. It is a more equitable and egalitarian system than our current one ironically, but people still think Milton was against welfare. Of course in his ideal society welfare wouldn't be needed, but we don't live in ideal society which is why Friedman invented his concept of Negative Income Tax based UBI system.
@annoyingcommentator1582 Yeah that's true, probably because libertarians go apeshit everytime some mention welfare or taxes.
Yeah, I was really clowned upon in reddit 🤡 🤡 for bring this up tax smh
@annoyingcommentator1582I've watched a lot of lectures of his spanning about 30 years so far, he seems pretty consistent on the negative income tax thing.
He changes his mind on what government size he thinks we need more than his negative income tax idea, from what I've gathered so far.
I still have a lot to listen and read tho.
True.
A little more protectionism and a little less globalization go a long way for local production in all the countries that aren't the world's 'sweat shop' like Communist China. Conversely, it reintroduces jobs to the countries that off-shored their production for the cheapest bottom line, as well mass immigration lowers the bottom line for corporations as it takes away bargaining ability from low-skilled workers who don't have options and are forced to accept the minimum pay and minimal benefits due to the ease of their replacement. Globalization may have lowered prices on consumer products but hurt the workers who either once had jobs in industries that no longer exist in their country, or work in industries that will replace them the moment they ask for more. Think of the prosperity of the 50's in the US, and compare it to today, nothing has changed besides the greediness of elites and corruption of politicians.
Prosperity of the 50s is more a result of not only winning WW2 but suffering the least damage to infrastructure/manufacturing facilities… it was an abnormal economic situation in history. With low birth rates and expensive retirement benefits developed countries can’t afford drop in working age population but I think should be more focused on those with education/skills.
Politicians are angels who volunteer their souls to the maintenance of the military industrial complex,,,
@@EdT.-xt6yv ......But without the economic desolation of manufacturing towns of the northeast, rust belt and urban cities, we wouldn't have Punk, Heavy Metal and Hip Hop music/culture!?! If everyone is doing well, where's our angst art going to come from???
@@juniorjames7076 We gotta acknowledge that most “metal” metal has its roots in classical music. What was Mozart suffering at the time? Let’s go back to those ails.
The prosperity of the 50’s existed because the US had no industrial competition.
I do agree that we need more domestic redundancy in production, however we do need to acknowledge that it comes at the cost of high inflation for the next decade or so.
If you think the American Rustbelt you show there got hit hard by globalization, look at that little spot of Ontario it surrounds; the jobs moved to the American Rustbelt at the same time, and decimated the Canadian Rustbelt with equal tragic results.
I'm from Pittsburgh. I've been to Toronto a few times, and yeah it wasn't that different from home in some areas. The whole Great Lakes region got slammed. I live in an area full of abandoned steel and coal buildings, the manufacturing days here are long over. I don't how it's going in Ontario, but I hope you guys have enough jobs to go around now. Pittsburgh was lucky to find new jobs in robotics and education. I think that's where the future is for the city. I think even if steel manufacturing comes back, it won't nearly be to the level of what it was, and nobody's going to open new coal plants or mines anymore, we use natural gas now. Everyone here is tired of oil in the water from fracking, and trains derailing with chemicals like what happened in Palestine Ohio, to add coal dust and smoke to that list is not going to fly with anybody. I think people here really want the area to be clean, because it hasn't been for the longest time, and if we have to sacrifice the manufacturing jobs for other jobs, maybe it's a good thing for people's health in the long term. Education and robotics won't leave scars on the land and ultimately on us like coal and steel do. Sucks for blue-collar workers though. If all you've known is the steel or coal industry, it's hard to change. But change comes regardless of if you want it or not.
Protectionism's biggest issue is it will drive up prices.
Globalism's biggest issue is it drives down wages.
What we need is a happy medium. Not that I know what it is.
Do not trust to policy. Trust to technology driving down prices faster than driving down wages can keep up.
Globalism has some big flaws, to some extent it is beneficial, but we need to stay vigilant related to its problems
I mean globalization is basically what made our societies so rich and currently not a lot of people have expertise or would want to work in industrial jobs. The other thing is physical jobs are generally paying less and so transition to protectionism will most likely bring long term decline in every economy
@@plumpy8854 I agree to certain extent, but if we want every country to transition to a rich economy (per capita) we will need to divide the unproductive and ineficient work, like agriculture, otherwise half of the world (which is poor) will sustain the other half that is rich. Thats the why I think we should consider at least making every country more self-suffient, and it will increase innovation in the unproductive areas of our economies if we do so too
This was the most peaceful time in human history, due in large part to globalization, and nuclear weapons.
Things get a lot darker from here on out..
The problem is we don’t want other countries to become rich, why you think the usa is trying to take down china a peg like they did to the Japanese 😂
@@SubjectiveFunny"this was the most peaceful time in history" that's a load of bullshit😂
Globalization is simply a race to the bottom. Isolationism might bring back quality and high end products. It’s an entirely different game when you can’t hop between lowest bidders.
On the other hand, the isolation of the USA could lead to an economic collapse. USA have always been export-oriented. In the name of the global market, the USA has limited its production to a few key sectors.
here in the EU standards haven't dropped just because we trade more between countries due to open borders.
The issue is upholding regulation: high standards leads to high quality products. But at a much lower price than isolationism
@M3rl1n177 countries like China and Germany are much more reliant on exports and global trade than the US is. The way that the US is "reliant" on global trade, I think, is more about people using the US dollar than anything.
@@unematrixeven if it hasn't been as bad in the EU, it has had an effect essentially everywhere.
@@chickenfishhybrid44 The problem is that once the main partner or component producer for the German economy was the USA and European partners, but over time, American production declined in favor of China. In other words, the USA raised China on its own breast.
We now know trickle down economics does not work, when most of what’s contributing to inflation is corporate profits, while every day Americans prop up a world system that no longer caters to them.
hum I'm skeptic about that statement - too simplistic.
@@puraLusa simple kind of man, can I ask you please. Does the United States have a revenue issue, or a spending issue?
@@TheSharadwaador both - but none relate to the statement "trickle down economy" and "Americans propping a world system that no longer caters to them" - 2 statements that I'm skeptic about.
As there is no relations to ur question it seems easy to assume ur engaging in deflection.
We knew it didn't work, it's not the first time it has been tried and failed.
Corporations don't print money. Governments do.
Hyperglobalization has only benefited the great world powers such as the US 🇺🇸, China 🇨🇳 or India 🇮🇳, and has harmed many other countries. Here in Spain 🇪🇸 we know it well; we had an important industry in the north of the country (fishing, steel, metal...), but everything was dismantled in the 80s, a large part of the production was relocated and now we are a... tourist power. We produce sun 🌞, beach 🏖️, paella 🥘 and little else.
Good. It should stay that way.
As an American I can promise you it hasn’t benefitted us. It’s benefited our elite, but not our people. We have no healthcare, no affordable housing, a 7 dollar minimum wage, crumbling infrastructure, and the worst inequality in over a century. It fucking sucks here.
That happened over here too. Upstate new york was a heavy industrial powerhouse. And it became the rust belt...in the 80s.
It benefited the elite. Just like the so called “culture war” benefits the elite as a red herring while they wealth disparity steadily increases and the middle class dies.
your wrong. Hyperglobalization has only benefited the wealthy and corrupt. in the US we lost the manufacturing jobs that gave rise to and fueled our middle class. now where all dirt poor and struggling to make ends meet. China and India saw their natural beauty bulldozed away and their land poisoned with industrial chemicals while their people were forced to work in sweat shops for slave wages! At least your people will still have a future when this shit show ends. China and India will be fucked for many generations to come!
Thank you for this vid. My head is spinning 😵💫
Post coldwar globalisation was never going to last. Its possible in a world without great power competition and cooperation however in a world of growing great power competion between china, russia, america/nato globalisation is mearly a vunerablity and more secure supply chains are more important and valuable then cheaper ones. Thats not even mentioning the other socialopolitical impacts on the developed world
Benefits? What benefits? No i am being serious, what benefits do i have as a westerner? That i can travel on vacation without a visa to a select few nations? Honestly what do i as a regular person gain? My job unless it is in the service industry can be taken away at any moment and moved somewhere else. My boss can change his residency so he does not pay taxes, am i just working for the shareholders? Who thought this was a good idea?
And isolationism wills too that how?
Your Boss thought that was a good idea. Your Boss and his friends and acquaintances in Congress.
The benefits for every consumer lie in access to cheaper goods. Whether that offsets the negatives is a different question.
Ur benefit is called a salary.
Ur relationship with ur boss ends there.
What u want is to have a say on how economic actors operate beyond or role - so did national socialism, comunism and all other bad isms of 20th century.
It's the branch manager rulling over the company owner 😂😂😂
@waitwhat1320 nope, all those respect private property rights at least in spirit. Very diferent albeit being propagandized as if it was the same in the last 2 decades, mainly by political actors who really want power without competition, aka authoritarians and totalitarians of all political flavours.
The working class of America will rise again in these years ahead and I am more confident than ever in the future of the world
That's what happens when you shift production en mass to other countries and don't establish the minimum required welfare to absorb the social impact, lack of common sense really, or a low quality political class.
Or maybe it's just cultural problems, who knows
Or just planned totalitarian policies, who knows 🤨🤨
The low-cost labor group includes textiles, apparel, toys, and electronics assembly. This is the shit that we moved to China; Jobs in these businesses are the most globally tradable; manufacturers in these businesses develop global supply chains to optimize access to the right low-wage capabilities. Manufacturing has fallen from 30% of US employment in 1950 to 10% today, even as output grew steadily; and manufacturers have consistently raised productivity through automation and innovation in products and processes. Indeed, in advanced economies, manufacturing has become the engine of productivity growth, providing about a third of productivity improvement in the US, or three times its contribution to employment. Manufacturing also leads in research and development, supplying up to 70% of private-sector research and development funding in advanced economies. Manufactured goods also remain the largest source of exports in most advanced economies. Really we make the same amount 3x less employees, 3x more productively.
ANTINATALISM should be the dogma for the next ten years. It will definitely bring back the fauna & flora exponentially.
Europe is known for its welfare and it didn't worked this around either.
On the contrary, all european countries have leaches who live off welfare and teach their kids to keep in welfare as opose to look for contributing.
@@Kenneth_James But 3x less employees, 3x more productively is not exclusively a good thing. The employees previously working in local facilities could spend their income while now some of them might be unemployed. It's complicated.
What a phenomenal video! This one in particular really puts things into perspective for me. I love your channel and have been watching it for the past year or so. Please keep up the phenomenal work! :)
Great video. Always amazing at the depth of the research that goes into these vids.
Many people have bitched about the wars America started during globalism protecting the system, but it’s going to find out real quick how many wars America actually prevented when shit his the fan all over the place without America’s involvement.
Bingo! But shhh 🙈🙉🙊 the "murica bad" is so much more fashionable! 😂😂
Love the wikipedia on global warming :3
black mirror
Thought police
Haha, youtube put a warning to your video abouy global warming, you conspiracy theorist.
Lead refined gas - the extent energy lobby is willing to go.
But it surely produces a generation of indoctrinated useful idiots every time!!!
Reduction on imports dependancy will force more industrisation in developing economies which will be a benefit but slow in innovation due to protectionizism
Innovation has always been totally dependent on the government investing into research. If the government are allowed to be a part of the economy again that might lead to more investments into research and more innovation. Maybe. There will be a lot of duplication though if everyone has to do everything.... lets yeet those patent laws.
Even that probably wont be enough to compensate the smaller markets and duplication/waste except maybe for China who has more engineers then the rest of the world combined.
where i live its a choice between McJobs or Masters with 6 years experience.
Actually, there already case studies that show the result: ineficient economies.
Greetings once again fellow automatically disbelieving context boxes. Its great to see you all here to enjoy another fine Good Times Bad Times.
Globalization is a good thing, but not when it means moving away from domestic production in favor of opening sweat shops in countries with cheaper wages. A balance must be met and maintained.
Global TRADE is fine... within limits. Globalisation is toxic to national sovereignty.
@@v1e1r1g1e1global trade is globalism.
I want to change my dishwasher every 30 years.
Cheap, foreign made products cost in other ways. We would be much better off with a manufacturing industry and more expensive products than with service industry jobs that create nothing.
The problem is that no voter would tolerate such rise in prices.
Great video!
I'd love to see a video about the economics of illiberal democracies, especially Viktor Orban's Hungary. I don't like him, but it's hard for me to judge his economy, as I live in Hungary and the propaganda here is terrible.
Another question is, do you think China or Russia can/will ever transition to democracy? I think both countries eventually should as they seem to be in dire situations, but maybe I'm just naive.
Problem is, for a real democracy, you need educated and independent citizens, that are capable of understanding what is happening to their country and vote accordingly, be financially literate enough that they don't allow oligarchs to take advantage of them etc. The only way you'll get a system change in Russia or China, is if the current model stops working, in which case I reckon it would be a repeat of the 90s in Russia, where people were not economically literate enough to understand what is happening in their country, many of them lost out in that chaos, and now associate democracy with chaos and bad times.
Idk about China but for Russia change will have to come at some point. I have no idea what kind of change it will be. But current model is unsustainable.
For centuries, since the time of Muscovy, the economic model was pretty much "sell natural resources to keep elites, and what's important, Moscow fed". From fur to grain to oil+gas.
But here is the thing, even without the war, Russia projected that oil extraction would drop, any kind of problem to get equipment and western expertise is just accelerating the trend predicted almost a decade ago. So we have drop in revenue to distribute, and no natural resource on the horizon will most likely be as profitable as oil+gas
St the same time Moscow + region got absolutely massive over the last 30 years. So we have more mouth to keep happy. (regions barely matter, only Moscow + St. Petersburg does)
You can't continue current system, while both supply and demand run contrary to the continuation of the system.
At the same time, and this is more pseudo, current war will finally answer the question of "what kind of Russian nation Russia will be?" is it going to be more of a pan Russian project encompassing all of current Ukraine and Belarus or smaller project of basically just modern Russia. The question should've been answered in 1917 but since Soviets managed to reform the Empire, it was put on a shelf for 80 years. If Russia finally closes the old question it can finally move on.
Or I can be wrong and Russian state will just tax it's own population harder, while feeding them the story of having to revise the past for the next century
@Poctyk I can tell you what change would happen. Ultra nationalism. It's not just a Russian problem. Europe suffers from these tendencies as well. That never translates into economic prosperity, especially when you have a shrinking population.
You can learn about China by watching this channel.www.youtube.com/@GeopoliticalEconomyReport/videos
Always superb reporting here
This is an excellent video. You covered the current accounts deficit and how jt plays into the us role as gloval reserve currency was something rhay sruck out to me provong you really did tour research. Bravo
I lived in the Reagan and Clinton years. Your view is 20/20 hindsight. They said products would be cheap and they were, but how much cheap junk do you need to fill your storage facility? Our culture about consumption needs to change!
Counterfeits and stolen goods is going to be a bigger problem than most think
Great video, it made me think about the time when we will be united.
I really enjoyed this documentary. Thank you for creating and sharing.
The hypocracy of the land of freedom, liberty, and equality is so embrassing. But its fall would be interesting.
I am impressed with your analysis as most people who talk about "globalism" either leave out or under value the Brentonwood's accords which in terms of history was extraordinary. The one thing you may have left out is not only did the U.S. agree to use its Navy to keep the SLOCs open for trade but signatories to the accords could sell into the U.S. market (the largest by far at the end of WW2) . This was all done to battle the Soviets in the Cold War. The Cold War ended in 1992 (I know I was there) and I would argue that is when "Globalization" started to break down. It's been coasting to an end since. The Soviet Union is gone, the U.S. Navy has reoriented itself in terms of power projection over the last 20 years, the U.S. economy although still the largest it is not able to absorb all the inputs from all over the world. For how far apart they may seem, Biden and Trump's foreign policies are very similar. The U.S. has been heading back into one of its isolation periods, COVID just has speed it up. The world 10 years from now will look more like 1924 than 2024. Good work. Just one observation. "Trickle Down Economics" is not an economic model. Juding by your video you are a good researcher, do a search. You will find a lot of political articles, but you won't find an economic "school" or "policy." It's a common mistake. Again, you have done good work.
I don’t like globalization as much as the next guy but let’s be real…..none of you guys are gonna pay thousands for locally-produced iPhone
Well then you will just have to hold on to the one you’ve got longer and save your money then! This is the way it once was with electronics and we all lived just fine! You don’t need a new phone every single year to live a happy life!
@@werewolflover8636 en.wikipedia.org/wiki/You%27ll_own_nothing_and_be_happy
They already can’t a lot of them pay on credit 😂 now imagine a worse and pricier iPhone, poor Indians rate failure, besides the USA doesn’t have the skills anymore 😂
How many people would pay close to 10k because apple likes 50% profit margins
@@werewolflover8636 fr
Globalism is dying, the world is healing ❤
I would like to think so... but I wouldn't bet on it just yet. Once the greater majority of leading nations abolish currencies, then Globalisation will dominate all financial and national models. The new Imperium will be digital in operation, visceral in brutality.
I love reading the neolibrial meltdown in the comments section.
Think you mean hyperglobalization
Z is the American spelling, other countries spell the word with ...sation, not ...zation.
I will say that the UK labour party has backed down on the 28 billion pledge, this happened quite a while ago now
I believe in capitalism. But I also believe in protectionism to a degree. When a country runs a huge trade surplus like China does. They are exporting their social problems along with their products to other countries such as America. Tariffs are a good way to make up for China, not having any environmental rules and not having, things like a social safety net for their people. In other words, they have an unfair advantage not to mention the government feeding money into targeted industries. Japanese used to do that too, and they were the first ones to start trashing the American economy. I want us to be competitive And hard-working here and God knows we need some reform of our tax system and a lot of the regulation. But in the end, those people who may have lost $3000 of their income through the tariff are probably gonna gain it back by having a better paying manufacturing job instead of having to work at McDonald’s.
Bohoo look at this cry baby
Thanks for your videos man!
Average chinese wages in a factory is about 10 dollars an hour now. America has had no wage growth for so long that the rest of the world caught up.
I’m sick of hearing younger individuals saying they don’t care where something is made long as it’s cheap! They have no patriotism whatsoever and would sellout their own country to the Chinese government if they think they’ll get more cheap junk they really don’t need out of it! These fools don’t seem to understand when everything is outsourced and a few countries in Asia control the prices of everything they’re not going to be able to afford anything!
It's actually the boomer capitalists that think like this and it's their business decisions that led to outsourcing of manufacturing jobs, now poor consumers are forced to buy cheap stuff out of necessity...
When a country does nothing for their young population they deserve no loyalty, loyalty is earned imo, but i bet you are from the USA 😂
When a country does nothing for their young population they deserve no loyalty, loyalty is earned imo, but i bet you are from the USA 😂
Global trade is higher than ever and will only continue growing. I fail to see how an increase in some global tensions will stop that.
It will only increse the goods prices (consumer will be the ultimate payer) cause security on trade routes will just be more expensive, but still cheaper than those same goods locally produced.
@@puraLusa I personally believe tensions will cool over the next 10 years. Most of the world sees the wars in Israel/Palestine and Russia/Ukraine and see the dangers. I hope I'm not being too optimistic.
@@teddykayy there are those who desire and work for said disruption and increse of tensions. All this isn't by chance. There are more conflicts / wars that ur not grouping with both of those.
Governments want war but we citizens at least in Europe don’t want to , so we aren’t falling for the scare mongering, although everyone agrees that we agree that we need to be prepared if needed but more of a show of power, I doubt Russia can fight on two fronts but they have a lot of meat cannon so we never know.
The pandemic showed consumers don’t mind paying the price if is still cheaper overall.
People like to complain and that will never change is our favorite pastimes and the cheapest one😂
At least have things set up to a global standard. Reduces strain on logistics.
Globalization has never been about economics for the US. It was a security deal plain and simple. You be on our side against the soviets and we protect your trade with our enormous navy. Our navy is no longer enormous nor do we need your help against the soviets anymore. We have no reason to not be isolationist again
This was really well done it touched on a lot of points and honestly had me reconsidering my own opinions an outlook on the economic and geopolitical future of the world 🌎🌍 I felt like a lot of My views were affirmed however at the same time the origins or in other words my thoughts on why these changes were coming about has expanded
Globalism is definitely going away, but as a voting American, no I’m not ready to watch America abdicate it’s global leadership position.
Globalization as an economic idea might be going away, but we aren’t abandoning our allies or friends
We should.
I would be more than happy to stand by your side against our collective foes ❤
I think there needs to be a balance. Hyperglobalization had all sorts of issues, but I don't think Isolationism is the answer we may think it is.
I'm just not sold on the idea of trading one extreme for another, is all. There has to be a balance somewhere in the middle.
actions speak louder than words, and in actions, you ARE abandoning your allies
Yes you are, when haven't you abandoned allies and friends before, it's literally the playbook you play by.
Also the fact that you export your culture so much around the world has literally turned europe into not europe.
Ahhh the voice ive been looking for
in a multicultural world, why do european culture not matter.
Amazing video, great work.
I think splitting the video in two parts or at least in multiple chapters would've been much more efficient in keeping the interest of the viewer.
Holistically Brilliant Analysis 👌🏼
Good to see. Globalisation has been a disaster.
Oops, there's a context disclaimer... he's onto something!
Thank you
Why are you blurring map attribution at the bottom?
Maybe it's all for good.
Rejection of Globalism doesn't mean ending free trade and commerce but rather protecting it. If you do not defend the domestic interests of your nation first and foremost with the premise of honest friendship and commerce with all nations alliance with none then you are doomed. NATO for example was supposed to be a self defense only treaty which has been largely expanded into an offensive military weapon.
And it doesn't mean either that the US will allow China to take over the South China sea to hold the planet's trade routes hostage either. Again it simply means that you prioritize your nation first followed by the rest. Is not algebra.
excellent as always
What is the name of the background music ?
Just see what happened to countries which were de- industrialized.
US won WW2 by shipyard and factories, not Uber eats.
It’s not like they moved their military shipyards over to China. They moved stuff like making plastic forks and knives overseas, not aircraft carriers.
@@PerfectSense77but a lot of consumer factories can be converted to military factories and some like drones are duel use.
What countries deindustrialized?
Usa has the biggest military complex
Perfect, US will always be a dominating power
USA is likely going to collapse after 2030, debt, internal corruption, decay of institutions.
Frankly it can't collapse soon enough.
Hyper and Hypo doesn't exist for a long time minimizing the gaps maintain standard normal globalization.
I just want the 1950’s again, but for everyone this time regardless of race or ethnicity, and for counterculture to be based on quality rather than edginess.
I just bought a new mobile phone. Nothing from China or at least possible, if the first was not possible, was my guiding star. It became a Samsung because it is not made in China. It is perfectly fine if other countries in, for example, Asia have contributed to the manufacturing - just not China.
Almost as if the control of a very select few over a very unwilling many is slowly eroding, before our very eyes, I'm crying, but with joy :_)
Oh right, power vacuums... :_(
people with inflated egos ruin everything :_(
Oh yeah you can feel the managed democracy that is hell divers 2
I think you mentioned Ludwig von Mises when you meant Friedrich Hayek, his disciple. Hayek was influential in the “”neoliberal”” era, but Mises was quite dead by then
boosting the algo
Good thematics ! I have to say that some economists are already taking ahead on this tendency, some geopolitics analysts too, but very few for the big picture at this moment. Unfortunately for us, it is going to happen anyways, america retreating from peer to peer, china not wishing to hold the corridor of indian ocean, the threats for cargo ships from middlle eastern and african corner pirates and islamic groups. All these troubles will come hard for developing countries like my own, but at the same time it will stablish the red carpet for the states/countries that want to provide safety zones for commerce, shipping and so on, of course, for some price of bargain.
"10% tarriff would cost additional $2000/household"
what are we up to in inflation? $4500?
If I have this right..Austrian School believes inflation is increased monetary supply without demand for it. Keynesians believe inflation is demand for goods without supply.
Rather suspiciously, "COVID-19" gave us both record monetary supply inflation, as well as a decrease in the supply of goods. Hmmm...🤔
Purposeful obfuscation in my opinion.
tariffs raise prices on you and me. Before progressive income tax, tariffs was the main source of government tax. It was regressive tax because everyone paid the same rate regardless of income.
Damn hippers
Good!
That's quite a bit of numbers. Is it gonna be on the exam?
TDS
I love you. Thank you
Fucking awesome video
That video does not go far enough down the rabbit hole to dig up planned obsolescence. What is NDP, Net Domestic Product? There were 200,000,000 motor vehicles in the United States in 1994. Where did the depreciation go?
This isn’t campaign report
Trump doesn't seem to have the capacity to understand what he is saying. It seems to be too complicated for him to try and imagine the consequences.
@JG-MV Lol, during his first term i said exactly this with these words.
#Protectionism
Bless the free market system, politicians want to move away and centralize power.
and not a moment too soon.
Has someone tested this Manta sleep mask he advertises? Is it worth the money?
read reviews
So US is beaten in their own game.
"Hypersubsidies on chinese Make-Believe has Ended"
should be the title
7% of the world economy down the drain sounds pretty undesirable, not to mention long term slowdown in research and growth. The world is already advancing ever so slowly, hope it doesn't come to pass.
Only 7%? We can do better.
Which is bad for everyone. The people’s value constrained by their governments for the benefit of politicians and elites.
It's a rigged game of chance no matter the state. Heads they win, tails you lose.
I'd rather be constrained by governments than corporations.
Mmm yes, and you cosmopolitans are SO much better...
So true
The negotiations that resulted in NAFTA began during the Reagan administration and continued through the elder Bush administration. It was only a trick of timing that resulted in Clinton signing the treaty.
why so short?
That's mass effect or xcom Ost in the background?
I don't think it's a system that matters I think it's the people in the system so if you have a theoretically flawless system but you put a bunch of assholes to run it it's no longer flawless right?
The problem with global isolationism from my pov is regional conflicts, as it becomes less easy to secure modern economic resources like oil for some countries. These conflicts can run out of hand and cause the next world war.
Its not so black and white folks. American jobs for instance arent going to all come back from China, we will just move it to our region's China. Mexico.
Net benefit for the NA region in comparison to true globalism, sure, but the destablization could cause a collapse and warring states period in the east, which could again spread to WWIII.
Thats just one example. Whatever the option is, it needs to be measured and not absolute. Not globalism of 80s-90s, but hybridized to specifically avoid the emergence of aggressive regional powers.
In short Unipolar world>multipolar world in my argument. If there is a multipolar world then humanity writ large needs a system to counter-force the nature of our nation-state paradigm.
Deglobalization is just aggressively forgetting the lessons of the past.
The uni polar world has had more wars than previous multipolar eras.
World wars won't happen because of Mad, mutually assured destruction.
Isolatianism... really...
It's a simple question: Do you want to work in a sweatshop or do you want your new phone to cost 20k?
Isolationism will bring one of those, if not both.
The only reason food, hardware, clothes, etc. are cheap is because of low wages abroad and good education here that makes "exploiting" them possible. The wage you give for manufacturing is priced in, so if everything is made here assuming at least the same wages: the price for the set product will need to be 10x to be profitable. It's the most basic math possible. You have to be profoundly stupid to think that you will have more from trading less.
To draw this way of thinking to the extreme: WHY NOT JUST DO EVERYTHING YOURSELF!?!?! Then there will be 0 exploitation right? Come on now! make a phone, by yourself. XD
Human cooperation -> more specialization -> more efficiency -> more products
How is that hard to comprehend?
I think more than good education is good governance (less corruption…) is the key to keep living standards up since highly educated people are being “produced” in many less developed countries. What brings them to immigrate to developed countries (and bring their wealth also) is good environment and good government institutions.
I'll make my own hospital equipment too
😂 delusional nonsense 😂
Nothing is cheap, everything is expensive and it is costing us everything.
The only people that benefit are the ultra rich.
We don't need smart phones, we need civilization, which we currently don't have, we live in barbaric times, the new dark ages is now.
Yes prosperity did not exist before globalism! History did not exist before 1945. Automation also doesn't exist.
Video Context: Climate Change 🤣🤣🤣
वास्तव में हवा बदल रही है 😂😂
6:39 საქართველოს რუკა 👌
georgian?
@@SuhbanIo ხო საქართველოს რუკა
@@datadata191 the only word in Georgian I can read and understand is "sakartvelo"