In the general case, most of America is better off too. The downside would be <i>very</i> localized.<p>The research being cited here is very specific to the current situation with China, and they recognize that themselves. The key difference (they believe) is that the China is so huge and has transformed so rapidly.<p>In normal circumstances, things would have happened slower, and the employees of affected industries would have had more time to seek alternatives, or to retrain, and so the impact on them would have been less negative.<p>This whole thing should make you ask why America was at a disadvantage because of the speed of Chinese transformation. In particular, what is it that&#x27;s slowing America&#x27;s ability to pivot? I don&#x27;t have specific evidence to answer this question, but I believe the answer can be found by looking at our regulatory load, and how the difficulty of jumping through regulatory hoops is always increasing - compared to the Chinese, who in this respect have additional degrees of freedom.