4 ms·
Silicon Valley was worried about the wrong bubble
- flukus 10y agoA common thread I see is that people need to "learn from history" that trade makes us all richer. They've seemingly failed to learn that this was an incredibly bumpy road with a lot of setbacks. The welfare state is what made current trade levels possible and that we need to pursue social reform first.
- forgetsusername 10y agoTrade and the welfare state aren't mutually exclusive. Trade means producing what you are good at producing and trading for what you aren't. If it's uncoerced, it's beneficial to all parties.
- flukus 10y agoI'm implying they're mutually dependent, not mutually exclusive. The problem is we've been only been focusing on the trade half.