The real wage of the average American worker more than doubled between the end of World War II and 1973. Since then, however, those wages have risen only 6 percent. Furthermore, only highly educated workers have seen their compensation rise; the real earnings of blue-collar workers have fallen in most years since 1973.

Why have wages stagnated? A consensus among business and political leaders attributes the problem in large part to the failure of the U.S. to compete effectively in an increasingly integrated world economy. This conventional wisdom holds that foreign competition has eroded the U.S. manufacturing base, washing out the high-paying jobs that a strong manufacturing sector provides. More broadly, the argument goes, the nation’s real income has lagged as a result of the inability of many U.S. firms to sell in world markets. And because imports increasingly come from Third World countries with their huge reserves of unskilled labor, the heaviest burden of this foreign competition has ostensibly fallen on less educated American workers.

Many people find such a story extremely persuasive. It links America’s undeniable economic dificulties to the obvious fact of global competition. In effect, the U.S. is -- in the words of President Bill Clinton -- like a big corporation in the world economy and, like many big corporations, it has stumbled in the face of new competitive challenges.

Persuasive though it may be, however, that story is untrue. A growing body of evidence contradicts the popular view that international competition is central to U.S. economic problems. In fact, international factors have played a surprisingly small role in the country’s economic diffculties. The manufacturing sector has become a smaller part of the economy, but international trade is not the main cause of that shrinkage. The growth of real income has slowed almost entirely for domestic reasons. And -- contrary to what even most economists have believed -- recent analyses indicate that growing international trade does not bear signifcant responsibility even for the declining real wages of less educated U.S. workers.
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