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Monday, July 25, 2011

Unintended Consequences

In 1978, Deng initiated a series of fundamental policy changes that would eventually release millions and millions of Chinese peasants to thousands of factories under contracts with Nike, Wal-Mart, and Motorola. Coupled with persistently low petroleum price in the 1980s and 1990s, advances in telecommunication technology, and other forces, this labor flood has killed a large portion of American industry.

Who would have thought.

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