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

Glenn Hubbard argues that walls are backward-looking and ultimately destined to fail, and that an economic policy based on bridges of preparation and adaptation is needed to help people get through the inevitable transformations. He uses Adam Smith's logic to Youngstown, Ohio, as a case study in economic disruption.

Format: Paperback / softback
Length: 248 pages
Publication date: 28 March 2023
Publisher: Yale University Press

In the face of technological change and globalization, which have led to significant job losses and community disintegration, there has been a lack of effective policies to address the challenges faced by workers. This compelling book highlights the need for bridges to support individuals as they navigate the inevitable transformations.

Free-market economists have acknowledged that competition in a capitalist system results in winners and losers. However, the consequences of the losses faced by the losers have often been overlooked. Populist politicians have resorted to creating physical and economic walls to insulate communities and prevent competition, appealing to the emotional desire for protection. While recognizing the emotional appeal of walls, economist Glenn Hubbard argues that they are essentially backward-looking and destined to fail.

Hubbard takes Adam Smith's logic to Youngstown, Ohio, as a case study of economic disruption, advocating for an open economy and the creation of bridges to support individuals during turbulent times. By promoting adaptation and preparation, bridges can help individuals remain engaged and equipped to participate in and benefit from the new economic landscape.

In conclusion, the book emphasizes the importance of bridges of preparation and adaptation in responding to the challenges of technological change and globalization. Rather than relying on walls of protection and exclusion, policymakers should prioritize policies that support individuals in adapting to the changing world and remain engaged in the economic opportunities it presents.

Dimension: 216 x 140 (mm)
ISBN-13: 9780300271164