May 21, 2018
Jeff Ferry writes "That for decades, economists have taught
David Ricardo’s Law of Comparative Advantage as if it is an
absolute law. But the tide is turning, as some highly respected
economists are now moving away from the doctrinaire position that
all free trade is always good everywhere, and they begin to
acknowledge that free trade and large trade deficits have inflicted
substantial harm on the U.S. economy."
"From the mid-1970s on, growing trade has also meant the growing loss of good-paying jobs to competitor nations. Around the year 2000, the process accelerated. Globalization entered a new phase, 'hyper-globalization,'" which has wrought much pain and destruction upon American industrial corporations. How do we end it and have a healthy economy in the process?