“In his 1998 book Turbo-Capitalism, Edward Luttwak gave what is still the most succinct and accurate reading of the new system’s economic consequences. ‘It enriches industrializing poor countries, impoverishes the semi-affluent majority in rich countries, and greatly adds to the incomes of the top 1 percent on both sides who are managing the arbitrage.’ Left unexplained was what had happened to make trade suddenly produce consequences so widely divergent from those it had produced for centuries.” More …