Macro Musings with David Beckworth cover image

20 - Douglas Irwin on Free Trade, the Gold Standard, and American Economic History

Macro Musings with David Beckworth

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Analyzing the Impact of Import Shocks from China on the US Economy

This chapter delves into a paper by Arthur Dorn and Hanson, known as the China Syndrome, which analyzed the effects of increased imports from China on American workers from 1990 to 2010. It discusses the significant job displacement caused by import surges, the challenges faced by workers in transitioning to new sectors, and the subsequent implications on trade politics and worker adjustment. The chapter also explores the reactions of economists like Paul Krugman and Scott Sumner, and compares historical import shocks with China’s impact on the US economy.

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