US Economic Decline Has Been Greatly Exaggerated

Jacobin

Far Left

Factuality

Ownership

US Economic Decline Has Been Greatly Exaggerated

A focus on GDP and national accounts gives a misleading picture of US economic power. In the age of globalization, production can be based in countries like China while most of the profits flow back to American firms, reinforcing US economic hegemony. Employees work at a Foxconn factory on September 4, 2021, in Zhengzhou City, China. (VCG / VCG via Getty Images) William Holbrook Joe McLaren People often say — either hopefully or despairingly — …