Debate "Housekeeping" (05:50)
Moderator John Donvan frames the debate on globalization and America's working class, and introduces panelists.
Opening Statement For: Thea Lee (06:32)
Economic Policy Institute President Lee states, trade agreement rules undermine the bargaining power, wages, and democratic voice of American workers. She cites the power and influence of corporate lobbyists and negative aspects of the neoclassical trade model.
Opening Statement Against: Jason Furman (06:14)
Peterson Institute for International Economics Senior Fellow Furman states, global trade volume has increased 40-fold since the end of WWI; approximately 325 million Americans purchase imported products and 14 million work in export industries. Furman cites wage and capital flow statistics.
Opening Statement For: Jared Bernstein (06:36)
Center on Budget and Policy Priorities Senior Fellow Bernstein states, expanded trade thrusts the American working class into more competition. Working class compensation and productivity growth doubles prior to expanded trade; growth rates reduce after trade implementation. Bernstein cites the "China shock."
Opening Statement Against: James Manyika (06:46)
McKinsey & Company Senior Partner and McKinsey Global Institute Director Manyika states, the proportion of working-class Americans in traded sectors that face the impacts of globalization is about 20%. Working class Americans are also consumers. Manyika identifies culprits of job loss.
Globalization and Traded Sectors (07:31)
Donvan summarizes opening statements. Lee explains the "spillover affect" between sectors; Manyika cites GDP growth and economic dynamism. Bernstein agrees trade is pro-growth but distribution is a problem. Furman considers economic inequality.
Real Wages and Consumerism (04:36)
Furman does not believe society is materially "worse off" than in the 1970s; he cites differences in expanded trade. Bernstein argues that Americans are working more hours. Manyika cites factors that put pressure on wages; Lee counters that factors and globalization cannot be separated.
Impacts of Globalization (06:19)
Furman states that globalization brings benefits yet has costs. Bernstein agrees, but counters that globalization undermines power, voice, and bargaining. Manyika cites factors that affect the working class; Lee counters that choices need to change.
Manufacturing Sector (02:04)
Production peeked in June 2018; we produce more with less people. Bernstein states that Germany has twice as many manufacturing jobs.
Q/A: Non-economic Factors that Undermine (07:08)
Placing too much blame on globalization makes other problems worse; protectionist debates distract from solutions. Manyika considers alienation and income stagnation. Lee and Bernstein cite undermining rules and China shock.
Q/A: Services Trade (02:52)
The U.S. has a surplus in services; trade laws could be improved. Manyika quotes a study by David Auter.
Concluding Statement For: Lee (02:39)
President Trump's trade policy is erratic and inconsistently messaged; he alienated key trading partners. Trade polices fail the American working class.
Concluding Statement Against: Furman (02:39)
Globalization affects Denmark and Sweden, yet they have high levels of unionization and low levels of inequality. American domestic policies have failed.
Concluding Statement For: Bernstein (02:38)
The U.S. has potential for globalization that benefits the working class, but its current form is damaging.
Concluding Statement Against: Manyika (02:41)
In the future, much of the world's economic growth will not occur in the U.S. How do we fix problems in globalization without going backward?
Time to Vote (04:24)
Donvan thanks panelists for their participation and civility, and dedicates the debate to Richard Elden. Panelists consider the impact of their opponents' arguments on their opinions.
Audience Vote Results (00:58)
Pre-Debate - For: 36% - Against: 45% - Undecided: 19%
Post-Debate - For: 32% - Against: 61% - Undecided: 7%
Credits: Globalization Has Undermined America's Working Class: A Debate (00:09)
Credits: Globalization Has Undermined America's Working Class: A Debate
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