by China joined the WTO in 2001 and has gained trillion in GDP since then. America has gained trillion during the same time period, has a quarter of the population of China, but most Americans have not seen any increase in their standard of living, and many have become a lot poorer. So China isn't making America poorer, as such, even though most Americans believe it has. The One Percent made all the gains. However in the past 20 years, almost 5 million manufacturing jobs in America have been lost, as factories moved overseas, creating Rust Belt de-industrialisation, a surge in poverty levels and anti-China sentiment. Dayton, Ohio, home of the Wright brothers, was once known as “The City of 1,000 Factories” and the Silicon Valley of its age. From 2001 to 2007, the city lost almost
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China joined the WTO in 2001 and has gained $13 trillion in GDP since then. America has gained $11 trillion during the same time period, has a quarter of the population of China, but most Americans have not seen any increase in their standard of living, and many have become a lot poorer. So China isn't making America poorer, as such, even though most Americans believe it has. The One Percent made all the gains.
However in the past 20 years, almost 5 million manufacturing jobs in America have been lost, as factories moved overseas, creating Rust Belt de-industrialisation, a surge in poverty levels and anti-China sentiment.
Dayton, Ohio, home of the Wright brothers, was once known as “The City of 1,000 Factories” and the Silicon Valley of its age. From 2001 to 2007, the city lost almost 23,000 jobs, as factories such as General Motors shut down. Ironically in 2015, Chinese glass-maker Fuyao set up a factory in Dayton employing 2,300 workers - the subject of the Academy Award-winning documentary American Factory.
But how much is globalisation, and China in particular, to blame for America's deindustrialisation woes, and how much the one-percenters and unequal distribution of wealth? America's GDP after all has grown by some US$11 trillion since 2001.