Therefore, I expected a lot from their book, Trade Wars are Class Wars, and I was not disappointed. Now more than ever, prediction is a mug’s game. China’s Communist Party gave up on running a communist economy 40 years ago, and the rest is history. After Trump’s announcement, global stock markets tumbled in fear of a trade war between the world's three largest economies. Globalization was supposed to achieve great things for a vast range of countries, not least for their working-class citizens. Michael Roberts continues his review of this interesting book. Trade Wars Are Class Wars' Review: Exports and Angst June 23 2020 - 07:15PM Dow Jones News By George Melloan China's Communist Party gave up on running a communist economy 40 years ago, and the rest is history. Trade Wars Are Class Wars by Michael Pettis and Matthew Klein has a straightforward thesis: “rising inequality within countries heightens trade conflicts between them” or, to be more explicit: Trade war is often presented as a war between countries. Cross-posted from Michael Roberts Blog. He initiated three: a global tariff on steel, a tariff on European autos, and tariffs on Chinese imports. Five Takeaways: The working class bears the hurt: Working class incomes have stagnated in the U.S. and other countries, pitting worker against worker – as elites have seen their incomes and wealth increase. In early 2018, Trump said, "Trade wars are good and easy to win." Klein and Pettis offer an essential analysis of how domestic inequality and international conflict are interlinked and provide an answer to the crisis of globalization.” — Adam Tooze, author of Crashed: How a Decade of Financial Crises Changed the World Trade wars are Class Wars by Matthew Klein and Michael Pettis has now been entered as one of the best books of the year by the FT and one to read over the summer by Martin Wolf, the FT’s economics guru. Michael Roberts is an Economist in the City of London and prolific blogger. In a more fragmented world, these trade wars would be more likely to intensify and spill over, as capitalists are set against one another. “Trade Wars are Class Wars is a must-read from two of the most astute commentators on the global economy. “Trade Wars are Class Wars is a must-read from two of the most astute commentators on the global economy. Read honest and unbiased product reviews from our users. The basic point is that the major trade imbalances in the world over the last four decades have been driven by the suppression of wage growth, with … Find helpful customer reviews and review ratings for Trade Wars Are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace at Amazon.com. The big winner of the U.S.-China trade war has been Wall Street, Feingold says. “Trade Wars are Class Wars is a must-read from two of the most astute commentators on the global economy.