The plight of structural unemployment and gaggles of working poor, it appears, are here to stay. But are they the inevitable consequence of economic liberalisation?
They are not. If we balance the burden of economic transformation on labor and capital, and strengthen progression, we can have it both: near full employment and open borders.
The sentiment is right, but the policy is flawed.
No, the answer is not a minimum wage. No, it’s not protectionism. No, it won’t hurt growth. But yes, it will require fundamental reform, hard work and international cooperation.
