Adam Tooze

Now, that is not a base from which you can transform American society, right? What was it in the 50s, Adam? Do you have a sense of the percentage? As a share of employment- Yes. Yes. It was closer to 30%. Okay. So now it's closer to 10%. Less than 10%. 7% in manufacturing narrowly defined.

Now, that is not a base from which you can transform American society, right? What was it in the 50s, Adam? Do you have a sense of the percentage? As a share of employment- Yes. Yes. It was closer to 30%. Okay. So now it's closer to 10%. Less than 10%. 7% in manufacturing narrowly defined.

By a couple of million would be a huge success and it would take you closer to 10% than we currently are at. There are two different projects. There is the fulfillment of the Hamiltonian project of sovereignty and independence and security, which requires certain technological capacities.

By a couple of million would be a huge success and it would take you closer to 10% than we currently are at. There are two different projects. There is the fulfillment of the Hamiltonian project of sovereignty and independence and security, which requires certain technological capacities.

There are industrial communities that exist that should be defended and developed and supported in ways that are appropriate. But then the big challenge surely has got to be to deliver on something closer to a new deal, shall we say, for want of a better word, social and welfare bargain.

There are industrial communities that exist that should be defended and developed and supported in ways that are appropriate. But then the big challenge surely has got to be to deliver on something closer to a new deal, shall we say, for want of a better word, social and welfare bargain.

for the 20 million people that work in healthcare, for the 17 million people that work in leisure and services. That is a holistic bargain which can't any longer be based around the male breadwinner model of the UAW duking it out with GM and Ford and Chrysler in Detroit in the 40s and 50s.

for the 20 million people that work in healthcare, for the 17 million people that work in leisure and services. That is a holistic bargain which can't any longer be based around the male breadwinner model of the UAW duking it out with GM and Ford and Chrysler in Detroit in the 40s and 50s.

This is a highly diverse, very feminine workforce, which has to continuously think the problem of childcare organically with the problem of their working conditions. That's where progressive politics, to my mind, needs to focus, not on the, yes, it's the last war.

This is a highly diverse, very feminine workforce, which has to continuously think the problem of childcare organically with the problem of their working conditions. That's where progressive politics, to my mind, needs to focus, not on the, yes, it's the last war.

The promise of retaining industrial jobs for that classic industrial working class is not a bad goal, but it's not to be confused with the project of actually supporting progressive change for the majority of Americans. In the industry itself, John, amen to everything you've just said. The Chinese are discovering this, right?

The promise of retaining industrial jobs for that classic industrial working class is not a bad goal, but it's not to be confused with the project of actually supporting progressive change for the majority of Americans. In the industry itself, John, amen to everything you've just said. The Chinese are discovering this, right?

The cutting edge of Chinese EV production is not Fordist tens of thousands of workers. It's not even like the Foxconn plants that make the Apple phones. They're these dark factories with hardly any workers operating hyper-sophisticated robot machinery, which churn out the cars at unbeatably low cost.

The cutting edge of Chinese EV production is not Fordist tens of thousands of workers. It's not even like the Foxconn plants that make the Apple phones. They're these dark factories with hardly any workers operating hyper-sophisticated robot machinery, which churn out the cars at unbeatably low cost.

So the Chinese themselves are going to discover this problem of the disconnect between manufacturing and industrial success and the share of people that can be employed and the social model that goes with that. It's three layers here that are continuously conflated.

So the Chinese themselves are going to discover this problem of the disconnect between manufacturing and industrial success and the share of people that can be employed and the social model that goes with that. It's three layers here that are continuously conflated.

Overheating.

Overheating.

Yeah, and it's always service sector inflation is what really causes the financial markets to panic. And so the sector inflation is driven by labor costs. So that goes hand in hand with wage increases for the lowest paid American blue collar workers, blue collar in the widest sense. But I mean, in fairness to the Fed, they ran this baby as hot as they dared, right? For as long as they dared.

Yeah, and it's always service sector inflation is what really causes the financial markets to panic. And so the sector inflation is driven by labor costs. So that goes hand in hand with wage increases for the lowest paid American blue collar workers, blue collar in the widest sense. But I mean, in fairness to the Fed, they ran this baby as hot as they dared, right? For as long as they dared.