Preserving factory jobs is a perennial political imperative almost everywhere. Manufacturing has a prominent place in the political discourse – and beware the politician who suggests otherwise. This thinking shapes trade policy, which is overwhelmingly devoted to rules governing the exchange of goods made in factories. From boom to bust But in a world in which the population boom has turned to bust, this orientation is misplaced. With populations now shrinking in many countries, we are looking towards a future in which the demand for goods is likely to be far from robust. In many countries, consumer spending on ... (full story)