Monetary Matters with Jack Farley The Case For Tariffs | Oren Cass on Why Globalization Has Mostly Been Bad, And The Need To Redress Unbalanced Trade
Jul 10, 2025
Oren Cass, chief economist at American Compass and author of The New Conservatives, argues that globalization has harmed American workers and emphasizes the need for tariffs to correct trade imbalances. He critiques free trade advocates, highlighting overlooked consequences like job losses and economic decline. The discussion includes the complexities of globalization, the effects on American industry, and the importance of aligning tariffs with public goals to support domestic manufacturing and create dignified jobs.
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The Flawed Promise of Globalization
- Globalization has mainly harmed American workers by violating economic principles like balanced trade and natural specialization.
- Manufactured goods trade is driven by policies, not natural advantages, causing economic hollowing and future debt risks.
Trade Deficit Reality Check
- Economists argued trade deficits self-correct, but that theory has proven naive.
- Globalization increased material living standards but failed to deliver the promised economic advantages and job quality.
Manufacturing Job Losses Misconstrued
- Workers displaced from manufacturing have not successfully transitioned to better service jobs.
- The offshoring of low-productivity jobs exploits cheap labor, undermining American job quality and wages.
