Indeed, a new study by the Cato Institute points out that since 1973 there has not been a single year when falling imports have been associated with a falling unemployment rate. What's more, America's openness to foreign investment is also creating jobs. One in eight manufacturing workers now works for a foreign-owned company. As for the service sector, yes, some jobs there are poorly paid, but most pay above-average wages. Few can fail to be impressed by this new economy.
Technology gives people the power to weave connections all over the world.
Technology allows people to escape from the tyranny of place. All of that is true. But we should not fall into the trap of thinking that new-economy firms cannot fall victim to trade barriers and protectionist regulations. Yes of course the Internet makes it easier to bypass trade barriers and government regulations. Certainly, an Internet start-up can more easily reach a global market than a new steel mill.