At the same time, says Mr Spence, the mix of jobs available to Americans in the tradable sector (including manufacturing) that serves global markets is shifting rapidly, with a growing share of the positions suitable only for skilled and educated people.

ECONOMIST: The great mismatch

For Square, the benefits are somewhat obvious: Backing by a company like Visa lends legitimacy to the rapidly growing venture and also serves to allay some of the security flaw allegations that have been lobbed at Square.

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