Are We Entering a New Chapter of Globalization?

Washington Post: “The sprawling plant is a local landmark, just off the highway unofficially known as Auto Alley. General Motors built it in the 1920s, and for generations it created the kind of blue-collar jobs that defined America’s middle class. But by the time the last SUV rolled off the assembly line here, Moraine had succumbed to the flood of inexpensive imports and cheap foreign labor that battered industrial towns in Ohio and across the country.”

“Now Cho Tak Wong is in charge of the factory. The billionaire chairman of Fuyao Group, the biggest maker of automotive glass in China, Cho rose from rural poverty by riding the same wave of globalization that devastated Moraine — a living example of the reversal of fortune that has turned China into America’s chief economic rival in public debates and political rhetoric.”

“But the next chapter of globalization is already unfolding inside Fuyao’s factory, as the balance of power in the world economy tilts once more. Now it is China that experts fear is losing steam, forcing the country’s wealthy investors and corporations to seek out profits overseas. They are snapping up U.S. businesses at a record rate and employing tens of thousands of America’s workers.”

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