The Wall and the Bridge: Fear and Opportunity in Disruption's Wake

The Wall and the Bridge: Fear and Opportunity in Disruption's Wake

by Glenn Hubbard
The Wall and the Bridge: Fear and Opportunity in Disruption's Wake

The Wall and the Bridge: Fear and Opportunity in Disruption's Wake

by Glenn Hubbard

Hardcover

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Overview

An informed argument for an economic policy based on bridges of preparation and adaptation rather than walls of protection and exclusion
 
“When technological change and globalization in recent decades brought frustration over the resulting losses to jobs and communities, there were no guardrails to get these workers back on track. As this compelling book shows, our nation is going to need bridges to help people get through the unavoidable transformations.”—Edmund Phelps, 2006 Nobel Laureate in Economics and author of Mass Flourishing
 
Free-market economists often have noted that there are winners and losers in a competitive capitalist world. The question of how to deal with the difficult real-life consequences faced by the losers, however, has largely been ignored. Populist politicians have tried repeatedly to address the issue by creating walls—of both the physical and economic kinds—to insulate communities and keep competition at bay. While recognizing the broad emotional appeal of walls, economist Glenn Hubbard argues that because they delay needed adaptations to the ever-changing world, walls are essentially backward-looking and ultimately destined to fail. Taking Adam Smith’s logic to Youngstown, Ohio, as a case study in economic disruption, Hubbard promotes the benefits of an open economy and creating bridges to support people in turbulent times so that they remain engaged and prepared to participate in, and reap the rewards of, a new economic landscape.


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Product Details

ISBN-13: 9780300259087
Publisher: Yale University Press
Publication date: 01/25/2022
Pages: 248
Sales rank: 544,901
Product dimensions: 5.60(w) x 8.60(h) x 1.10(d)

About the Author

Glenn Hubbard, Russell L. Carson Professor of Finance and Economics and dean emeritus at Columbia Business School, was chairman of the U.S. Council of Economic Advisers from 2001 through 2003.

Table of Contents

Preface vii

Acknowledgments xiii

1 Introduction: Economists and Real People 1

2 How We Got Here: Falling Walls and Missed Bridges 19

3 Mass Flourishing: The Unknown Adam Smith 39

4 Adam Smith Schools Today's Commentators 58

5 Why Walls Are Still Attractive 84

6 Bridges 105

7 Business as a Bridge Builder 134

8 Governments and Bridges 151

9 Mass Flourishing Requires Bridges 178

Notes 199

Index 221

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