Community adjustment, 232
Community college, 230–231, 235
Comparative advantage, 68–72
Competitiveness, 68–72, 164, 166–168, 269
Comprehensive Economic and Trade Agreement (CETA) between EU and Canada, 161
Consumer Financial Protection Bureau (CFPB), 230–231
Corporate inversions, 165–166
Corporate profits, 39–42, 90–91, 168
Corporate savings, 40–41, 151
Corporate social responsibility, 277–278
Corporate tax rates, 155–156
Costco, 281
Country by country reporting, 278–279
Creative destruction, 73
Currency Movements, 124–127, 133
Current account deficit. See Trade deficit
Debt, 241–242
Demographic change, 241
Dollar, David, 63
Dorn, David, 77
DREAM act, 214
Drucker, Jesse, 319n27
Earned Income Tax Credit, 112, 228, 243–246
East India Company, 138
Economic inequality: and economic growth, 16–18; and tax system, 26, 44–46, 243–246; trends, 16–19
Economic insecurity, 23–25
Economic sanctions, 55–56
Education funding, 234–235
Estate tax, 253–254
Euro, 314n11
European Union, 102, 104, 298
Excess Profits. See Market power
Exports: effects on cities and states, 62; effects on employment, 57–63
Facebook, 291–292
Fake news. See Information
Fertility, 186
Fiat, 146
Financial regulation, 134, 166, 175, 238
Fiscal federalism, 232
Fissured workplace, 151–152, 280
Five pillars of better partnership with business, 270
Forbes Global 2000, 149, 165
Ford Motor Company, 83–84, 144
Foreign direct investment, trends, 33–35, 139–141
Formulary apportionment, 173–174
Fracking boom, 229–230
Fulbright program, 205
Fundamentals, 174–176
G-20, 226–227
General Agreement on Tariffs and Trade, 105
General Electric, 87, 277
Global shipping, 155
Global supply chains, 143–144
Google, 88, 148, 153
Gore, Albert, 274
Great Recession, 58
Great tax wars. See Weisman, Steven
Greek economic crisis, 130
Hamilton (mixtape album), 322n1
Hamilton (musical), 178
Hamilton, Alexander, 178, 181
Hanson, Gordon, 77
Heckman, James, 235
Higher education, 210, 235
Honda, 146
Household debt, 24–25
Hudson Bay Company, 138
Hunt, Jennifer, 195
Huy Fong Foods, 183
Immigration: benefits of, 297; concentration of, 198–199; cultural concerns, 201–204; education levels of immigrants, 183–184; effects on entrepreneurship, 180–184; effects on government budgets, 198–200; effects on growth, 184–185; effects on innovation, 181–184; effects on prices, 184–185; efficiency gains, 190–191; generational effects, 199; help with demographic challenges, 185–188; and international commerce, 204; and international relations, 204–206; and Nobel prizes, 182–183; public opinion, 203, 209; source countries, 178–179; success of immigrant children, 182; trends, 35, 180–181; wage effects, 192–198
Immigration policy: and family reunification, 213; H1-B visas, 208, 211; history, 207–208; and international students, 208, 210–211; and refugees, 212–214; and undocumented immigrants, 214–215; visa lottery, 188–189
India, 63–68, 298–299; and US immigrants, 206
Inequality. See Economic inequality
Information, 289–292
Infrastructure, 175–176, 235–237
Institutions, 64, 189–190, 237–238
International borrowing and lending, 118–121
International Monetary Fund (IMF), 105, 298
International trade: disruption from, 73–81; effects on economic growth, 63–67; effects on income inequality, 73–81; effects on international relations, 101–106; effects on jobs, 57–63, 73–81; effects on poverty, 65–67; effects on the one percent, 74–75; efficiency of, 53–57; gains from variety, 93; gains to consumers, 92–95; political support, 106–111; public opinion, 79, 109; trends, 30–32
Interstate highway system, 237
Irwin, Douglas, 315n2
Japan, demographic burdens, 185–188
Jeep, 146
Katz, Lawrence, 88
Kleinbard, Edward, 319n27
Kraay, Aart, 63
Krugman, Paul, 63
Labor force participation, 58–59
Labor rights, 162; and gig economy, 282
Labor share of income, 20–22
Labor unions, 42–43
Lewis, Ethan, 196
Luck, 37–39
Macroeconomic policy, 175, 237–238
Macron, Emmanuel, 298
Mariel boatlift, 193–195
Market power: effect on labor share of income, 42, 150; and efficiency, 152; and inequality, 152; trends, 39–42, 90–91, 147–149
McKinsey Global Institute, 147
Medicare, 241–242
Mercantilism, 70
Microsoft, 153
Minimum tax on foreign income, 172, 262
Mining, 154
Monopoly. See Market power
Most favored nation status, 315n13
Multinational Companies: benefits of, 145–147; effects on competition, 145–149; effects on labor bargaining power, 149–152; headquarters, 143; importance of, 141–142; international trade of, 141–143; and offshoring, 155–156; and tax avoidance, 157–159
Murray, Alan, 332n20
National Academy of Sciences, 184
National Institutes of Health (NIH), 236
National Science Foundation (NSF), 236
Negative income tax, 247, 327n2
Net international investment position, 134
New products, 22
New Zealand, 269
Nike, 272
Nontraded goods, 129–131
North American Free Trade Agreement (NAFTA), 78, 95–98; effects on US economy, 96–97; and peso crisis, 103; and relations with Mexico, 103
North Carolina Growers Association, 197
Obama, Barack, 332n19
Obama Administration, 78, 169–170, 214, 256, 274
OECD, 226–227
Outsourcing, 151–152, 280
Paris Agreement on Climate Change, 161, 225, 299
Patrimonial capitalism, 253
Perot, Ross, 96
Piketty, Thomas, 254
Pittsburgh, 233
Place premiums, 189, 220
Polarization, 288–293
Political power, 25–26
Population growth, 185–188
Populism, 25–26
Postel, Hannah, 196
Pre-K education, 235
Prisoner’s dilemma, 226
Profit shifting, 158–159, 166–174, 250–252, 276–278
Public Law, 115–97. See Tax Cuts and Jobs Act
Public opinion, 292–293
Purchasing power parity (PPP), 320n34
Race to bottom, 154–155
Reagan Administration, 265
Reemployment Trade Adjustment Assistance (RTAA), 228–229
Regulation, 164, 273–275
Reinventing Government, 273–274
Relocation assistance, 229–230
Remittances, 206
Reputation Institute, 277
Research and Development, 176, 235
Ricardo, David, 70
Ris
ing-tide tax system, 247
Robinson, James, 64, 189–190
Rules of origin, 315n12
Sanders, Bernie, 25, 76
Savings glut, 151
Secular stagnation, 40, 151
Showdown at Gucci Gulch, 264–265
Silicon Valley, 181–182
Smith, Adam, 284, 316n1
Social Norms, 42–44, 276–278, 282
Social Security, 241–242
Stateless income, 159
Statue of Liberty, 212
Summers, Lawrence, 151, 307n29
Sunshine labor report, 278–283
Sunshine tax report. See tax transparency
Tariffs: consequences of, 57–63, 297–298; costs to consumers, 93; as regressive tax, 93–95; as revenue source, 95; and trade deficits, 124–126
Tax avoidance. See Profit shifting
Tax competition, 155–159; and prisoner’s dilemma, 226
Tax compliance, 278
Tax culture, 278
Tax Cuts and Jobs Act, 166, 169–171, 240–241, 260–265, 276
Tax havens, 147, 157–159, 251–252
Taxpayer morale, 278
Tax policy: and distortion, 246–254; and environmental protection, 254–257; and income inequality, 44–46, 243–246; and politics, 257–260; and public opinion, 259–260; and social policy, 258
Tax reform, 240, 264–267, 275–278
Tax Reform Act of 1986, 264–265
Tax transparency, 276–279
Technological change: agriculture, 85; and education, 28–30, 87–88; effects on labor demand, 83–85; effects on manufacturing jobs, 83–85; in foreign countries, 86–90; relation to unemployment, 85–86; trends, 26–30, 80–83; versus international trade as causal factor in labor markets, 79–80
Top one percent: and superstars, 37–39; trends, 18–19, 36
Trade adjustment assistance, 112
Trade agreements: to counter policy competition, 160–162, 224–227; effects on labor, 96–97, 227; effects on trade, 97; and intellectual property, 98; and international relations, 99–104, 223; and investor state disputes, 98; and politics, 99–104; scope of, 98–101
Trade deficit: and budget deficit, 126, 132–137; and competitiveness, 117–118; consequences of, 128–132; and currency, 124–127; effects of economic cycles, 118–119; and national accounting, 121; and savings, 118–123; sustainability of, 132–137; and trade policy effects, 122–127; transitions to surplus, 130–134
Trade war. See Tariffs
Tran, David, 183
Transatlantic Trade and Investment Partnership (T-TIP), 161
Trans-Pacific Partnership (TPP), 78, 99–100
Trump, Donald: inauguration speech, 3; and Paris Agreement withdrawal, 225; role of trade in election, 76–79; and TPP withdrawal, 99; and trade deficit, 135–136
Truth. See Information
Unemployment, 57–63
Unionization rates, 42–43, 163
US dollar, 133
Value-added measure of trade, 144
Voting, 289–290
Wage insurance, 112, 228–229
Walmart, 281
Weil, David, 151, 333n5
Weisman, Steven, 95
Wikipedia, 292
Worker inclusion, 280–283
World Bank, 105, 298
World Bank Ease of Doing Business Index, 269
World Economic Forum, 269
World Trade Organization, 30–31, 105, 273, 298
Worldwide consolidation, 172–173
Xi, Jinping, 298