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My argument is not that free markets solve all problems. I freely accept that only government can solve collective action problems like global warming, create u
by digitaltrees 10y ago
My argument is not that free markets solve all problems. I freely accept that only government can solve collective action problems like global warming, create universal education and health care, prevent the race to the bottom tendencies of competitive commerce that incentivized bad practices like child labor and environmental pollution; but you will never be able to strengthen divergent regulatory systems unless you have unified economic relationships. Globalization that creates greater interconnected economic systems will result in improved safety standards in all of these markets. We are seeing that play out in the developing world; but this is not an immediate process - it takes generations. It takes the local population fighting for better systems. It takes the pressure from trading partners like the U.S. demanding that employee protections be put into place. Isolating ourselves behind a wall of tariffs is not going to help these ship workers in Bangladesh.