"For a long time, early industrializing countries were absorptive. They were endlessly able to absorb new labor inputs to keep expanding. This was both an economics and a worldview. Here in the United States, we have the Statue of Liberty sitting in the harbor in New York, which says in huge letters, We stand for absorptive capital. A poetic version: "Give me your tired, your poor, your huddled masses." But what it means is, Come here, we'll absorb you. We absorb these inputs and add them to our growing economy, and we manage this with liberal democracy."

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