“Trade war is often presented as a war between countries. It is not: it is a conflict mainly between bankers and owners of financial assets on one side and ordinary households on the other — between the very rich and everyone else.”
This encapsulates the argument of Trade Wars Are Class Wars. Its authors Matthew Klein and Michael Pettis argue that what has been happening to trade and finance can only be understood in the context of domestic pathologies in leading economies. The result has been severe global imbalances, unsustainable debt and monstrous financial crises. This story matters for everybody.
The foundation of this excellent book is the theory of “underconsumption”, proposed by the British analyst John Hobson
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