Stop the World! Second Thoughts by a First Rank Economist OR The Case for Free Trade Crumbles

Unsustainable.org ^ | 9/17/2004 | Eamon Fingleton

[curiosity]

The case for free trade has been discredited by mainstream trade economists since the late 1980's. Only now is this fact starting to move outside the walls of Academe.

[1rudeboy]

From his website:

[Eamon Fingleton's] earlier book, Blindside: Why Japan Is Still on Track to Overtake the U.S. by the Year 2000, was named one of the Ten Best Business Books of 1995 by Business Week

[dr_who_2]

he has taught economics at MIT for six decades

What, along with that e-communist, Lester Thurow? My economists are better than your economists.

[JasonC]

Paul Samuelson is not a first rank economist, he is a semi socialist Keynesian and always has been. This is like a news flash that Karl Marx has doubts about capitalism.

[liberallarry]

Free trade benefits american investors at the expense of american workers. However, the process of globalization is unstoppable and it's utopian to think that much can be done to help either the American worker or the environment until the process of worldwide equalization of standards, living conditions, and legal structures progresses much further than at present.

[nanak]

Globalism = Communism

"Do not imagine, gentlemen, that in criticizing freedom of trade we have the least intention of defending the system of protection."

. "One may declare oneself an enemy of the constitutional regime without declaring oneself a friend of the ancient regime."

. "Moreover, the protectionist system is nothing but a means of establishing large-scale industry in any given country, that is to say, of making it dependent upon the world market, and from the moment that dependence upon the world market is established, there is already more or less dependence upon free trade. Besides this, the protective system helps to develop free competition within a country. Hence we see that in countries where the bourgeoisie is beginning to make itself felt as a class, in Germany for example, it makes great efforts to obtain protective duties. They serve the bourgeoisie as weapons against feudalism and absolute government, as a means for the concentration of its own powers and for the realization of free trade within the same country."

. "But, in general, the protective system of our day is conservative, while the free trade system is destructive. It breaks up old nationalities and pushes the antagonism of the proletariat and the bourgeoisie to the extreme point. In a word, the free trade system hastens the social revolution. It is in this revolutionary sense alone, gentlemen, that I vote in favor of free trade." : Karl Marx

[opinionator]

Yeah! And it turns out that the Earth is really flat, afterall.

[1rudeboy]

So, you agree with Marx?

[nanak]

I think your should read THE WEALTH OF THE NATIONS by ADAM SMITH.

[1rudeboy]

Don't forget Paul Krugman, though I think he's with Princeton now.

[1rudeboy]

I have. And I've studied it. And I've written about it. And I've taken exams about it. So if you think I'm unfamiliar with Smith, prove it. Make my day.

[1rudeboy]

Moreover, I can say the same about Marx. How about you?

[Nephi]

Unfortunately, freepers are biologically unable to admit that free trade is contrary to conservatism.

[1rudeboy]

If you wish to make a reply, please do so here, instead of private mail.

[1rudeboy]

Not "pure" enough, huh? LOL

[jmeagan]

I think your should read THE WEALTH OF THE NATIONS by ADAM SMITH.>>>>>>>>>>>

The theories which support free trade are all based on the concept that there is essentially full employment. Ricardo's theory is irrelevant in today's world as practically nothing trades on the basis of comparative advantage. If a country does not have an absolute advantage in producing a product it will not be able to sell the product on the world market.

[Willie Green]

Samuelson is a Nobel Laureate, same as Milton Friedman.

[nanak]

....and a nation's economy dependent on DEBT, Walmart, McDonald's , Sam's Club is unsustainable.

For how long we will keep consuming and will keep sending our manufacturing overseas.

Where goes the manufacturing, there goes the RESEARCH & DEVELOPMENT.

It is a race towards the bottom.

[flashbunny]

which means he's in the same distinguished category of nobel prize recepients as yassar arafat.

Some great company to have.

[janetgreen]

Although American consumers may benefit via low-low prices at Wal-Mart, their gains may be more than outweighed by large losses sustained by laid-off American workers.

The many now-bankrupt American workers who lost their jobs and their homes can attest to this fact as they're struggling to pay their bills.

I don't hear much concern for American workers in Washington, they're too busy importing more foreigners to do American jobs.