Please read Robert Borosage's piece in HPost on how China cheats the global trade regime, and how, after 20 years, we can no longer pretend that the Chinese mercantilist policy is benign ... or acceptable going forward.
I have believed for some years now that the "Globalization" and "Free Trade Forever" tropes have very much run their course and that we are on a collision course with disaster if we don't regear our economy towards production, technology and infrastructure development, higher taxes on the rich, sensible trade protections, and a serious (and expensive) jobs policy to ensure a continuing and growing middle class.
If the Chinese won't play by rules, they need to be slowly but surely frozen out of sharing in our markets. We are deeply entwined with them, but nothing is forever, and even the worst effects of wrongheaded policy can be reversed over time.
10 February 2010
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