Part 6/10:
The discontent of the lower middle class in the U.S. is a key factor driving political change, including the rise of populist agendas advocating for protectionism. Protectionist strategies, such as tariffs, aim to shield domestic industries from foreign competition, which theoretically could revive the manufacturing sector and offer Americans much-needed job security and wage growth.
However, the historical efficacy of protectionism remains debated. While it has worked in some cases, such as the early U.S. economy, it has also led to disastrous long-term consequences in nations like Argentina. The balance between protecting domestic industries and fostering a competitive market remains delicate, requiring an informed approach in any restructuring of trade policies.