"Peter Charles" wrote:


But is that always true? Is this something unique? Well, no it
isn't. Ever since the Industrial Revolution started in England,
social institutions have never kept pace with technological
advancement. Structural unemployment is an artifact of this reality.
Capital is extremely mobile, production is very mobile, but labor is
not. Capital changes very rapidly, production capability changes
rapidly, but labour does not. Since those first few factories started
up in England, labour has never kept pace with technology.



RDL's comments in a previous thread are symptomatic of the arrogant
blindness that prevents many Americans from understanding just how
dependent the maintenance of their well being depends on other
nations. Protectionism in the US has always been bolstered by the
notion that America can go it alone. Britannia" in gratitude.

Globalization is probably the grandest experiment in human history.
So please do remember to fasten your seat belts as the ride will be a
little rough.
Peter

IJ offers----good stuff peter - I'm currently enjoying a course at our
local college on global economic history and have been amazed to learn
more about Britannia's end of empire in U.S., Africa, and India.
I think empire U.S. will more likely follow the example of the Ottoman
Empire--it just went bankrupt.