One of the reasons my sort of conservative has been anxious about the post–Cold War world trading order is that it seemed to be based on a misunderstanding about innovation and value creation. We set up policies that allowed advanced manufacturing to move across the Pacific and achieve all sorts of innovation gains over there, on the theory that if we protected intellectual property — and we did increase protections there — we could capture the higher value ad. This deal was reflected in the labels on the most important tech product of our age: the iPhone — designed in California, manufactured in China.........

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