The American Dual Economy: Race, Globalization, and the Politics of Exclusion

  title={The American Dual Economy: Race, Globalization, and the Politics of Exclusion},
  author={Peter Temin},
  journal={Institute for New Economic Thinking Working Paper Series},
  • P. Temin
  • Published 1 November 2015
  • Economics
  • Institute for New Economic Thinking Working Paper Series
I describe the American economy in the twenty-first century as a dual economy in the spirit of W. Arthur Lewis. Similar to the subsistence and capitalist economies characterized by Lewis, I distinguish a low-wage sector and a FTE (Finance, Technology, and Electronics) sector. The transition from the low-wage to the FTE sector is through education, which is becoming increasingly difficult for members of the low-wage sector because the FTE sector has largely abandoned the American tradition of… 
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