[Related to the Apply the Concept on page 226] An article
in the Wall Street Journal discussing the effect of Chinese
imports on the U.S. economy made the following observation: “[China’s] emergence as a trade powerhouse
rattled the American economy more violently than economists and policy makers anticipated at the time. . . . The
U.S. workforce adapted more slowly than expected.”
a. What does the article mean that China’s emergence as
a trade powerhouse rattled the U.S. economy?
b. Why didn’t economists and policymakers expect the
economic effect of imports from China to be as great
as it turned out to be?
c. In what sense has the U.S. workforce adapted more
slowly than expected?
Source: Bob Davis and Jon Hilsenrath, “How the China Shock, Deep
and Swift, Fueled the Rise of Trump,” Wall Street Journal, August 11,
2016.