Wednesday, November 14, 2007

"economic policies":

Michael Gerson, writing about Americans' current funk over the economy says:
There are large reasons for these economic trends that have little to do with the economic policies of any single administration. Global competition has deprived America of many lower-skill, higher-paying manufacturing jobs.
So, "economic policies" doesn't include trade policy? It's obvious that a country could, if it chose to, erect barriers to competition that would protect the domestic work force. But the leadership doesn't do that because driving down the cost of labor, which is what happens when you have free trade with countries employing cheap labor, is in the interest of the businesses and the well-off establishment.


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