from Financial Survival Network
Jeff Ferry is Research Director at the Coalition for a Prosperous America. He 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?
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