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Brace yourself: the most disruptive phase of globalization is just beginning
- hackuser 10y agoMy way of understanding the challenge of trade: Capital can move far more quickly than people. A factory can move to a new location far more quickly than factory workers can move to new jobs. I generally favor free trade because I think it helps people. But let's remember than in the end our priority is people, not capital. The latter exists only to serve the former.
- b_emery 10y ago>Amongst economists, a belief in free trade is totemic. But, while trade makes countries better off, it does not raise all boats… the benefits from trade are unequally spread across individuals and time. If I understand correctly, this is what taxes are supposed to fix. Free trade generates wealth, taxes ensure that the wealth is somewhat distributed. > We shouldn’t try and protect jobs; we should protect workers. ... and use the taxes to retrain, provide a safety net, etc. From TFA: >We have to look for inspiration from northern European countries who have comprehensive retraining, help with housing, help with relocation. Typically they have the unions, governments, and companies working together to try and keep the social cohesion. It doesn’t always work, but at least they try and most people feel that the government is helping them.