Actually, most modern wealth is created by the mind. I’m referring to the intellectual property and innovation embodied in products. I guess that can be considered part of manufacturing, but the “where it is assembled” is often disassociated with such wealth.
Frankly too lazy to cite sources for the studies, so take my word or not as you see fit. I stand by the statement in general, though.
As far as what we have going on not being free trade, I agree (and probably for similar reasons as you). We have a politicially distorted - by both US and Chinese govts - bastardization of free trade. Would a trade war be better, though? I tend to think not. We will almost certainly find out, though.
You two aren't even on the same playing field.
"High paying jobs for workers" .NE. "Modern wealth" (whatever *that* is).
What has happened is that the Ivy-League trained MBAs and their associates got greedy, and wanted to make more money than under the tried-and-true methods which supported the US worker and the pre-eminence of the US in the world.
In addition, they listened to the lies of Third-World-sympathizers in the business schools who convinced them that there is substantial wealth on the low-end-tail of the bell curve, and to sell to the Third World. Compounded by the demographic trends, and false promises of the Third Worlders engaged in mercantilism.
Net result: people at the top got rich off of wage aribtrage and artificially moving around money and debt, instead of investing money into things which can be used to create new wealth. See also mortgage-backed securities and the like; "dark pools" and the like; and recent developments in stock trading technologies.
Compounded by 20 years of out-of-control government spending (socialism on the installment plan) and the wheels are coming off the bus.
And the elites have the nerve to look surprised.
Cheers!