There’s a Reason the World Is a Mess, and It’s Not Trump

New York Times

In this stagnant setting, businesses have shifted strategies. Instead of reinvesting profits into expansion, hiring and innovation, many companies now focus on stock buybacks and dividends, prioritizing financial payouts that boost share prices and managerial compensation. The result is a vicious cycle of rising inequality, damped demand and low growth. This is happening the world over. No wonder the International Monetary Fund warns of a “tepid 2020s” — and that was before Mr. Trump started his trade war. ***

We Even manufacturing and export powerhouses like Germany and South Korea have seen industrial employment shrink. For another, the industries generally targeted for revival — semiconductors, electric vehicles and renewable energy — employ relatively few workers. The era when manufacturing could provide mass employment is over.