The Wall and the Bridge
The gains from trade and technological advance in recent decades have been enormous. But the transformation has had some downsides, too. These drawbacks have transformed our politics in recent decades, and the economic disaster accompanying the coronavirus pandemic has only magnified them. Defenders of markets have too often sought to dismiss the downsides, while populists point to them as reasons to build walls of protectionism and regulation. Both approaches are forms of denial. To make the most of the benefits of economic dynamism while addressing its costs, we need a revitalized understanding of the purpose of economic policy and social insurance.