Trade Deals Sound Nice But…
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  • Brock

    There’s a second benefit to free trade agreements besides increased exports, and that’s lower prices for consumers of imports. Yes, we increase imports by $7 billion, but that’s because we used to spend EVEN MORE than $7 billion on goods produced internally.

    That savings can then be turned into lower prices for consumers or increased profits or investment for American companies that switch to imports. Voila! Economic growth.

  • Toni

    If free trade with Colombia and Korea is so unimportant, how come the EU already has FTAs with them? Along with 30 other countries, including economic pipsqueaks Albania and Tunisia. Why is the EU negotiating FTAs with nine more countries and in talks with Vietnam and Central America?
    http://www.efta.int/free-trade/free-trade-agreements.aspx
    http://www.efta.int/free-trade/ongoing-negotiations-talks.aspx

    Besides the import benefits Brock cities, there is also the incalculable intangible benefit of mutual cultural understanding.

    Asking Richard Trumka about free trade agreements is like asking Ford how many more OSHA regulations it needs.

  • Luke Lea

    Though it will make little difference in practice, coming on top of China, the problem with this deal is purely one of principle. It shows we have learned nothing and forgotten nothing since passing Nafta and Gatt. Shame on our governing elites. Off with their heads.

  • Luke Lea

    Less there be a any mistake I meant “off with their heads” figuratively not literally: as in removing these people as the heads of our universities, corporations, foundations, and public institutions.

    Meanwhile Walter might consider this thoughtful analysis of growing inequality in the new global economy. That guy is one of the smartest around in my opinion. But then so is Aldair Turner.

    And for what it’s worth here is my two cents on a piece in Naked Capitalism about making labor unions a productive force in our society today:

    “We need a labor party — a dues-paying, national political party representing the people who make their livings with their hands and their feet. Industrial and trade unions, to say nothing of public-employee unions, are inimical to the interests of working people as a class and should be condemned. Wage subsidies financed by a graduated expenditure tax should be the policy goal. Compensation for the damage done to hourly wage workers by the elite trade and immigration policies coming out of Washington the justification. We also need to rewrite our wage and hour laws to reflect the technological progress of the past fifty years. The six hour day for two-earner families is not an unreasonable demand. Organize.”

  • Luke Lea

    Sorry about that first broken link in my comment above. It was supposed to go to this essay by Noriel Roubini:

    http://www.project-syndicate.org/commentary/roubini43/English

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