The US had a chance to take a different course, re globalization, back then.
Multinationals were a relatively a new thing, back then, with notable exceptions.
With the advent of the lower corporate tax,
the MNCs had an open season on everything,
and are now totally out of control.
This was not something unknown to policymakers. Kindleberger, Vernon, etc, at the pinnacle of policy making, were well aware of what forces were now afoot. Marshall Plan, World Bank, IMF, Bretton Woods, etc.
Sovereignty At Bay, Storm Over The Multinationals, etc., etc.
Orthodox economists were, by and large, still, more or less, in a dream world.
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