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This is surely one of the more intuitive aspects of the economics of globalization. steel workers displaced by import competition face hardship from trade.
Imports rise to replace this lost domestic production.The most well-known outcome of this process is that the gross gains for professionals outweigh the gross losses of workers, hence the national economy sees net gains from trade.It is these net gains (which are much smaller than either the gross gains or gross losses) that constitute the argument in favor of global integration. imports come from countries that are not that much poorer than the United States. While it is easiest to explain in terms of falling trade costs, one can get similar wage results even without a change in trade costs.Even after absorbing all of the professionals released from the declining apparel sector, there will still be many former apparel workers not finding work in the aircraft sector at the going wage.If these unemployed workers want a job, they must agree to a wage cut.