Matthew C. Klein and Michael Pettis— The drive south across the Detroit River from the U.S. city of the same name to the Canadian city of Windsor only takes about twenty minutes. For nearly a century, the big three American automakers have exploited this proximity by operating plants in both
Matthew C. Klein— The distribution of income has macroeconomic consequences. Under certain conditions, income concentration (rising inequality) can make society as a whole more prosperous. Other times, such as in the past few decades, however, high or rising inequality makes everyone worse off than they otherwise would be. The trade