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January 30, 2007

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with Mexico would create a ‘‘giant sucking sound’’ as jobs headed south. Instead, America experienced full employment. So giant-sucking-sound detectors turned to China. In time, China became the workshop of the world, although by then America had long hollowed out much of its manufacturi

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which now accounts for more than 50% of GDP a year—a higher proportion than that of any other country at any time in history. This relentless capacity for expansion has created an insatiable demand for raw materials....

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‘giant sucking sound’’ as jobs headed south. Instead, America experienced full employment. So giant-sucking-sound detectors turned to China. In time, China became the workshop of the world,

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