The article Economics Has Failed America byDaniel Altman mentions how globalization and free trade has resulted in a part of the American population losing their jobs and becoming destitute. The problem with economics is that much of what is taught is theory with little attention being paid to the implications of economic policies on the citizens. Globalization and free trade have been touted as positive economic developments that should result in benefits for all the involved parties (Altman par 3). However, it has proven to be otherwise with the jobs of millions of Americans getting exported by American corporations overseas where the labor is much cheaper. The very products that Americans could have manufactured themselves are imported into the country cheaply killing the local industries.
It would be fair if a system were set up to compensate the members of the population who have been affected negatively by economic policies. However, the ripple effects of globalization and free trade are too complicated to predict or assess after they have taken place. In this regard, economics has failed in an obvious manner. The problem is exacerbated by the experts who ignore this failure and try to justify it as inevitable for the benefit of all. Certain classes of the population such as the wealthy, owners of international businesses and persons with connections have significantly benefited (DiChristopher par 4).
In contrast, the working class and middle class have lost their jobs and business due to globalization. The measures taken by the government to help the newly unemployed to transition to employment in other sectors have not been effective enough. The only way to settle this failure is for the experts to admit that economics has failed and implement changes in economics education and policies.
Altman, Daniel. “Economics Has Failed America.” Foreign Policy. N.p., 2016. Web. 9 Sept. 2018. https://foreignpolicy.com/2016/05/19/economics-has-failed-america-globalization-trade/
DiChristopher, Tom. “This Is How To Spur Economic Growth: Stiglitz.” CNBC. N.p., 2015. Web. 9 Sept. 2018. https://www.cnbc.com/2015/04/22/trickle-down-economics-has-failed-stiglitz.html