Two of the most important economic questions over the next few years are: how will the US-China relationship play out, and how will nations curb corporate monopoly power?
The biggest global economic winners over the past three decades have been China and large corporations, research by the United Nations Conference on Trade and Development shows. As they have risen, local labour’s share of gross domestic product has fallen in the US and most parts of the world.
That is not an argument for US president Donald Trump’s incoherent trade war against China, but rather for curbing the corporate concentration that has diminished the vibrancy of the US economy in the past 30 years.
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