Over the past three decades, the American manufacturing has been characterized by a marked decline in employment rates. We hear much about deindustrialization and the outsourcing of production leading to an almost wholesale relocation of American labor-intensive industries to lower-wage areas in the developing world. By the end of 2012, the sector had lost approximately … Continue Reading ››

Economists and analysts of the 2007-2009 financial meltdown usually take the domestic housing and securities markets as the point of departure in their prognoses of the crisis. While refusing to look beyond what seems to be the roots of the malaise, they continue to begrudge the decline in the housing prices as the bedrock of financial crunch.