Robert J. Samuelson
Thursday, November 30th, 2006Robert J. Samuelson writes today in The Washington Post:
We may be about to shoot ourselves in the foot — or maybe the chest — on trade. In the name of “fair trade,” we may punish our own exporters. In 2005 worldwide exports exceeded $10 trillion. Since 1980 they’ve more than tripled while the overall global economy doubled. Like it or not, massive international flows of goods and services (aka “globalization”) underpin all modern economies. Supply chains have dispersed. We can accept this reality and try to benefit from it. Or we can rail against it. We seem to be edging toward railing.
Mr. Samuelson’s well written column argues competently for free trade. I recommend that you read it, because it helps one to understand better an important species of the logic which animates free traders. Here I explain why I believe Mr. Samuelson’s reasoning to be flawed and his conclusion, fundamentally incorrect. (more…)