The New Statesman
•76% Informative
In the aftermath of the Russian invasion of Ukraine , the US and its closest allies collaborated to sever economic ties with Russia .
Joe Biden's administration has retained many of Donald Trump’s tariffs on China and presided over huge subsidies for American -made semiconductor chips and green energy technologies.
Only a decade ago , the reversal of globalisation was treated as unthinkable by elites on both sides of the Atlantic .
In practice, the US economy remained largely autarkic from the 1940s to the 1970s .
The offshoring of industry by corporations was not possible in a world in which communist regimes ruled a third of humanity.
Instead of dissolving the Cold War Pax Americana , the bipartisan establishment under Bill Clinton and George W Bush sought to expand the bloc from its heartlands to the rest of the world.
Champions of globalisation after the Cold War promised former unionised factory workers new and better jobs in the knowledge economy’ But on both sides of the Atlantic far more jobs were created in low-wage, often non-unionised service sectors.
Economic elites welcomed high levels of immigration for keeping inflation low (by the unstated mechanism of suppressing wage growth in many occupations) But offshoring factories and importing poor workers did nothing for long-term productivity growth.
VR Score
81
Informative language
81
Neutral language
15
Article tone
formal
Language
English
Language complexity
73
Offensive language
not offensive
Hate speech
not hateful
Attention-grabbing headline
not detected
Known propaganda techniques
detected
Time-value
medium-lived
External references
4
Source diversity
3
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