"The observation is uncontroversial," said Joseph Stiglitz, the Nobel-winning economist at Columbia University. "Global employment in manufacturing is going down because productivity increases are exceeding increases in demand for manufactured products by a significant amount."

The consequences of this dynamic are often misunderstood, not least by politicians offering slogans to fix them.

No matter how high the tariffs Donald Trump wants to raise to encircle the American economy, he will not be able to produce a manufacturing renaissance at home. Neither would changing tax rules to limit corporate flight from the United States, as Hillary Clinton proposes.

Read Full Article