The usually horrific Joe Stiglitz at least gets free trade mostly right. At the current American Economic Association annual meeting, being held in Philadelphia this year, he showed the below slide supporting free trade and attacking Trump protectionist trade thinking.
Except for his babbling about "unfair trade practices," the slide is sound.
Those are great bullet points. Surprising, given the source!
ReplyDelete"Neo-mercantilism"──Yup. I've used that term to describe what the p...y-grabber-in-chief is promoting, which is a new kind of mercantilism──a much dumber kind.
"Thinks of trade as a zero-sum game". The p...y-grabber-in-chief does indeed think trade is a zero-sum game with a winner and several losers where those dastardly consumers and evil, unpatriotic Walmart-shoppers win at the expense of white Union workers or something.
─ Except for his babbling about "unfair trade practices," the slide is sound. ─
I think that part is Stiglitz's reasoning why the p...y-grabber-in-chief thinks that the US is not exporting more──ostensibly because of unfair trade practices by ChAy-Na.