In 1978, China wasn't what it is now. Wages for workers has stagnated in the US but not abroad.
Or do you propose returning Chinese workers' wages to 1978 levels in order to afford restoring American wages?
Or do you propose returning Chinese workers' wages to 1978 levels in order to afford restoring American wages?
Unfortunately to American workers, it turns out that the workers who enjoyed the upside were some of the poorest in the world and not the very expensive American workers of the mid-1900s.
Fortunately to American executives, they started the race ahead of everyone else and with their multinationals corporations captured most of the upside from globalization.
True, but it's been increasingly overvalued since the middle ages with the liberalisation of compound interest. That particular activity is zero sum and will concentrate wealth in one end until real wealth generation (farming, mining and refining of the results of the former two) becomes infeasible. Right now it's Venezuela, my bet is South Africa being next. Europe in our lifetime.