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To your second point, Joe Biden's former economic adviser wrote an op-ed in the Times [0] to this effect; that free trade is hardly free. "… various countries
by JamilD 11y ago
To your second point, Joe Biden's former economic adviser wrote an op-ed in the Times [0] to this effect; that free trade is hardly free.
"… various countries with whom we compete have historically managed their currencies to gain a price advantage (i.e., they keep their currency low to boost their exports to us and suppress ours to them), and this has long been a source of our persistently large trade deficits."
[0] http://www.nytimes.com/2016/03/14/opinion/the-era-of-free-trade-might-be-over-thats-a-good-thing.html http://www.nytimes.com/2016/03/14/opinion/the-era-of-free-tr...
- bko 11y agoAnd as (pre-political) Nobel Laureate and NY Times columnist Paul Krugman wrote: > Even more fundamentally, we should be able to teach students that imports, not exports, are the purpose of trade. That is, what a country gains from trade is the ability to import things it wants. Exports are not an objective in and of themselves: the need to export is a burden that a country must bear because its import suppliers are crass enough to demand payment. [0] [0] http://bernard.pitzer.edu/~lyamane/poptrade.html http://bernard.pitzer.edu/~lyamane/poptrade.html