Mad About Trade

Mad About Trade

Why Main Street America Should Embrace Globalization

Book - 2009
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Mad about Trade is the much-needed antidote to a rising tide of protectionist sentiment in the United States. The book explains the benefits of free trade and globalization for middle-class, Main Street Americans exposed to a barrage of negative claims from politicians and commentators such as Lou Dobbs. It offers a spirited defense of free trade and globalization that engages the populists on their own turf. In eight timely and provocative chapters, the book shows how middle- and low-income families benefit from import competition, and how a more globalized U.S. economy has created better jobs and higher living standards for American workers through the ups and downs of the business cycle.
Publisher: Washington, D.C. : Cato Institute, c2009.
ISBN: 9781935308195
Characteristics: xv, 203 p. : ill. ; 24 cm.


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Feb 27, 2014

Crazy is as crazy does. First off, it ain't free trade when American-based multinationals (and ditto for Japan and Europe) ship jobs, technology and investment to China (and other countries, secondarily) then reap super profits and benefits as the shrinking labor costs and tax evasion activities. One need only read pp. 139-140 of the recently published book, The Billionaire's Apprentice, to understand how McKinsey identified every job which could be offshored then sold various corporations on doing so. With every job offshored, so goes a piece of the GDP (and the incredibly shrinking tax base is the result, as is the ballooning deficit). Simple arithmetic cannot be denied, no matter what this lunatic from the Cato Institute (financed by hedge funds and the Koch family) claims. An economy is a system, and when it is treated as a one-way pipeline (when Wall Street does not amortize in America), then you have "the pooring of America" as another author titled their excellent book.

Mar 06, 2011

This book is an excellent introduction to the importance of free and unfettered international trade to ensuring global prosperity. Griswold demonstrates that when borders are opened to the exchange of goods and services living standards increase.
Mad About Trade then shows that the big winners in a free trade environment are the lower and middle class. Griswold explains that the proportion of income needed for clothing decreases with less expensive imports. This allows lower income families to spend their money on other necessities. This is just one example he uses to illustrate the broad based gains achieved through free trade.
Griswold demonstrates how tariffs used to protect a particular industry (eg. sugar and steel) have increased prices on domestically produced items that use those products in manufacturing (candy or refigerators) cause the end product to be uncompetitive in price, causing many other industries and workers to lose out in the international market.
Mad About Trade is what advocates of international cooperation need to bolster their arguments against the special interest groups and anti-globalization luddites.


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