alt Hacker NewsThat's probably not a great example given that the rust belt was thick with unions.
And in general the US has a cost of living problem because the various levels of government keep getting captured by people who want regulations that make costs to go up because they're the ones getting the money. That makes US workers less competitive because of the corruption-induced regulatory costs, which is exactly the opposite of markets working as they should, except insofar as "industries move out of countries with high corruption and inefficient laws" is supposed to apply pressure to countries to get more efficient rules.
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Regulation is a requirement in actual capitalist/market thought. Only fairly recently have libertarian's retconned in their 'free market requires no oversight' nonsense.
I agree, we should return to Adam Smith style capitalism/markets, with his strong promotion of regulation against monopolies, corruption, and rent-seeking
> That's probably not a great example given that the rust belt was thick with unions.
Perhaps we need to complete the thought here: was it the unions or executives that decided to offshore manufacturing? If the counterargument that unions are to blame for offshoring by "artificially" increasing the cost of labor, and should have competed with Chinese labor on price and they got their just deserts: then why are executives now (successfully) lobbying for protectionism against Chinese manufacturers? Why can't capital handle the type of rugged capitalism they inflict on American workers? If chinese goods could be ported as easily and cheaply into America and American labor was ported to China, there'd be blood on the floor.