Mark Perry posted this chart a week ago. He also wrote, "As Larry Kudlow often reminds us, 'Free market capitalism is the best path to prosperity,' and it’s market forces that have lifted more people out of poverty than any government program or initiative from the United Nations, World Bank or International Monetary Fund." All this is most likely both true and a good thing, but what are the odds that declining world poverty has a close relationship to the off-shoring of American manufacturing jobs during that same time period? At the end of the day, "market forces" will always have their say, cheaper labor tends to replace more expensive labor. A necessary ingredient for capitalism to survive (and succeed) is the notion of "creative destruction." We could do a better job of accounting for that.
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