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Re: Undoubtedly 6.8 Percent Is Less than 70 Percent

18 0
05.10.2026

As Michael allows, I didn’t hide the ball in my original post, nor did I claim that reversing “globalization” qua liberalized trade would by itself undo 70 percent of GDP. I could have saved us both a lot of grief by summing the litany of booming growth indicators I provided — a near-tripling in the size of the economy, lower unemployment, robust wage growth, household wealth accumulation — with something like: “This is the economic record of the 40 years Vance thinks were so disastrous for America.”

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Some of that record is directly attributable to lower trade barriers, but as I wrote a few paragraphs later, trade regimes alone don’t “capture the full warp and weft of globalization.” Global connectivity includes enhanced comparative advantage and intellectual and........

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