Eight Sleep on The Tim Ferriss Show

Transcript

So in 2003 or thereabouts, you get this enormous surge of Chinese exports into The US, and people lose their jobs in a very concentrated way. Certain industries just get wiped out. And for the first time in the history of economic study of the effects of trade, you actually see negative effects on workers. But if you look at the size of the China shock, in a twelve year period between 1999 and 2011, the total number of jobs displaced was 2,000,000, which is actually a small number in a huge labor market like The US where there's a lot of churn month to month anyway. And yet the political reaction against trade, against globalization in terms of the swing towards protectionism, frankly, in both political parties was enormous.