Can You Own Your Own Business In China – Summary. How has trade with China affected the United States? The consensus in Washington is that it costs Americans their jobs. However, this is not necessarily true. The authors review a series of research papers on the topic and document a more nuanced set of findings. Trade with China – the so-called “Chinese shock” – has cost US manufacturing jobs in some areas. However, this may not have resulted in fewer jobs overall, as other research has shown an increase in employment in the service sector.
As US-China relations continue to deteriorate, the role of trade has come under increasing scrutiny. Commercial exchanges between the two countries were the basis of the relationship. Trade was deemed economically beneficial for both countries and helped ease tensions over political and strategic issues.
Can You Own Your Own Business In China
This has changed dramatically over the past decade – economic interdependence is no longer seen as a liability in many circles, but many in the Washington policy community now believe that the benefits of trade with China far outweigh the negative effects. A central concern is the negative impact on manufacturing jobs and employment in the United States. This sentiment is particularly strong in parts of the country that had strong manufacturing sectors before 2000, such as Mid Wales and the South.
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While the debate seems to have settled in Washington, it has not yet settled among economists who analyze the issue using a variety of methods and datasets. Whether on purpose or not, Washington has taken one side of the debate, and it’s important for policy and business circles to be aware of the wider conversation that academics continue to have. We recently reviewed the literature on the “Chinese shock” and its impact on US employment, focusing on three teams of economists who approached the question using different methodologies and datasets.
So what does a comprehensive review of data from multiple studies show? Scholars generally find that imports from China prior to 2010 had a negative impact on manufacturing jobs in the US, but there are mixed findings about the net impact on the economy, the final balance of manufacturing jobs lost, and service sector job growth. There is no evidence that trade with China had a significant negative impact on jobs after 2010 – manufacturing job losses recorded in the early 2000s due to trade with China do not continue today.
There is another conclusion that all scholars seem to agree on: the more educated and more economically diverse parts of the United States were far less affected by the increase in imports from China. This finding is consistent with data on the effects of globalization in other countries where better education and retraining opportunities increase the likelihood that workers will benefit from international trade.
China’s emergence as a manufacturing giant began with the declaration of “reform and opening up” in 1978, when the country’s leadership took the first steps to allow foreign investment and move away from a planned economy. The effects were first felt strongly in the 1990s as liberalization policies accelerated and an increasing number of foreign companies began to move production to China.
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David Autor (M.I.T.), David Dorn (University of Zurich) and Gordon Hanson (Harvard Kennedy School) argue that the “shock” to the world economy was almost over in 1992, when foreign trade became an important component of the Chinese economy. end. 2010, when China’s share of US imports stabilized.
China’s export growth has been fueled by domestic reforms that have increased productivity and opened the country to global trade. While the economic policies of the Maoist era effectively held back China’s economic performance, Deng Xiaoping’s reforms quickly unleashed China’s economic potential. China’s productivity has already increased since joining the World Trade Organization (WTO) in 2001. In addition, low tariffs and assurance of non-tariff barriers make China an attractive place for foreign direct investment.
After China’s accession to the WTO in the early 2000s, a number of important developments took place. First of all, the share of manufacturing employment in the US was already declining as other sectors of the economy such as services gained importance. However, the study of the three academic teams we reviewed concluded that the Chinese shock negatively impacted U.S. manufacturing jobs between 2000 and 2007, at least in some regions. China has accelerated this process.
Despite some rhetoric in Washington, there is little consensus among economists about the overall impact of China’s pressure on American employment. Autor and his co-authors consistently find that industries with greater trade ties to China experience net job losses that are not offset by worker relocations or increased employment in non-manufacturing sectors.
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Nicholas Bloom (Stanford University) and his co-authors take a different approach, attempting to explain the impact of trade with China on the services sector as well as production. They found that job losses in low human capital regions were offset by increases in service jobs in high human capital areas in the West Coast and North East. As a result, they argue, trade with China has not resulted in a net loss of American jobs. This does not mean that there were no significant losses in the regions. Unlike Autor and his co-authors, Bloom and colleagues did not see workers migrate in response to changing job opportunities. Therefore, Chinese imports may have moved jobs and earnings from the US centers to the coasts.
A third research effort by Xie Wang (George Mason University) and colleagues found that import competition with China has led to an increase in service jobs, even in regions where manufacturing jobs have fallen the most. They claim employment changes throughout the supply chain, with data showing that trade leads to an increase in other employment opportunities in the services sector, which is most affected by import competition.
And all three groups found that education significantly softened the negative effects of the Chinese shock: regions with a higher proportion of university graduates were less adversely affected.
Taken together, there is consensus that parts of the United States lost manufacturing jobs to trade with China in the early 2000s, but that trend has stalled. And there is a consensus that more educated regions are better. There is less consensus on how the Chinese shock impacted employment in general, but it apparently boosted employment in the services sector as well as overall US employment – but much of that has moved to the coast.
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It’s important to keep the findings in mind as policymakers consider America’s relationship with China and businesses rethink their own relationship with the world’s second largest economy. There may be good reasons for the US and China to double down or for companies to rethink their supply chains, but the negative economic impact of trade on the US is not necessarily one of them.
It is important to note that the United States was not the only country to experience increased Chinese imports in the early 2000s, and others have handled it differently. In Denmark, which has very liberal layoff rules (similar to the US) but a strong union, import competition with China seems to have lowered wages but not much employment. Workers’ working hours were reduced, but they were kept on the payroll by companies. One study found that this led to an increase in the number of workers seeking additional education, which in turn led to higher wages. And Germany’s industrial structure seems to have largely shielded the country from import competition with China in the 2000s.
Economists highlighted in this feature do not always agree with each other on how to measure the effects of imports on employment, but there is little debate about the best measures of layoffs. None of the academics analyzed in this feature openly claimed that post-event tariffs could help offset the effects of past trade shocks. It is also unclear whether they would have been able to effectively protect workers if they had been in place to begin with. And, of course, tariffs do little to solve the problems of American workers who lost their jobs. Moreover, economists agree that tariffs raise the prices of consumer goods, often hurting low-income Americans.
Most academics agree that higher education and worker retraining programs, along with government transfers, would be the most effective way to tackle this problem. For example, Autor, Dorn and Hansen discuss the unrealized potential of the underfunded Trade Adjustment Assistance Program to have significant impact. This summer, Congress failed to reauthorize the program, which has been shrinking in recent years. A well-funded inclusive initiative to help displaced workers, whether they have lost their jobs or not
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