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The Middle Class Myth and China’s Future with Noah Smith
Today on Moment of Zen, Erik Torenberg and Noah Smith debunk the myth that globalization destroyed America's middle class, showing wages actually grew during hyperglobalization. It examines the limited "China shock" impact and critiques how both political tribes' technology fears may handicap America's competitiveness against China.
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X / TWITTER:
@noahpinion
@eriktorenberg
@turpentinemedia
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HIGHLIGHTS OF THE DISCUSSION:
Main Argument
Myth: Globalization hollowed out America's middle class
Reality: Middle class moved UP income brackets; wages grew 40% during peak globalization
Real Causes
1973 oil shock caused wage stagnation (70s-80s), not globalization
China shock (2000s): Only 2M manufacturing jobs lost, limited scope
America vs. China
US: Less globalized than most countries; only 4% manufacturing trade deficit
China: Cities will look shabby in 30 years; exports falling as % of GDP
Political Technology Paralysis
Republicans: Fear hardware (solar, batteries, EVs)
Progressives: Fear software (AI, social media)
View all episodes
By Erik Torenberg, Dan Romero, Antonio Garcia Martinez
4.2
9090 ratings
Today on Moment of Zen, Erik Torenberg and Noah Smith debunk the myth that globalization destroyed America's middle class, showing wages actually grew during hyperglobalization. It examines the limited "China shock" impact and critiques how both political tribes' technology fears may handicap America's competitiveness against China.
--
📰 Be notified early when Turpentine's drops new publication: https://www.turpentine.co/exclusiveaccess
🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse
--
SPONSORS: NETSUITE | SHOPIFY | ADQUICK | SQUAD
Over 41,000 businesses trust NetSuite by Oracle, the #1 cloud ERP, to future-proof their operations. Whether you're earning millions or hundreds of millions, NetSuite empowers you to tackle challenges and seize opportunities. Download the free CFO's guide to AI and machine learning at https://netsuite.com/zen.
Shopify is the world's leading e-commerce platform, offering a market-leading checkout system Shoppay and exclusive AI apps. Nobody does selling better than Shopify. Get a $1 per month trial at https://shopify.com/momentofzen.
The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit https://adquick.com/ today to start reaching your customers in the real world.
Head to Squad to access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com/ and mention “Turpentine” to skip the waitlist.
--
X / TWITTER:
@noahpinion
@eriktorenberg
@turpentinemedia
--
HIGHLIGHTS OF THE DISCUSSION:
Main Argument
Myth: Globalization hollowed out America's middle class
Reality: Middle class moved UP income brackets; wages grew 40% during peak globalization
Real Causes
1973 oil shock caused wage stagnation (70s-80s), not globalization
China shock (2000s): Only 2M manufacturing jobs lost, limited scope
America vs. China
US: Less globalized than most countries; only 4% manufacturing trade deficit
China: Cities will look shabby in 30 years; exports falling as % of GDP
Political Technology Paralysis
Republicans: Fear hardware (solar, batteries, EVs)
Progressives: Fear software (AI, social media)
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