Posted on 01/31/2010 6:42:57 PM PST by ianfletcher
This very readable book is aimed at both ordinary concerned citizens and people with a bit of sophistication about economics. It is a systematic examination of why free trade is slowly bleeding America's economy to death and what can be done about it. It explains in detail why the standard economic arguments free traders use all the time are false, and what kind of economic ideas — well within the grasp of the average American — justify protectionism instead. It examines the history and politics of free trade and explains how America came to adopt its present disastrous free trade policy. It looks at the breakdown of specific industries and how we can rebuild them and bring millions of high-paying jobs back to this country. It examines what's wrong with NAFTA, CAFTA, the WTO, and the proposed Trans-Pacific Partnership. It explains why free trade is bad not just for America, but for poor foreign nations, too. It is sharply critical of the current establishment, but from a bipartisan point of view, so it should satisfy progressives, conservatives, and everyone in between. It is a good counterargument to the Thomas Friedman view of economic globalization. Read this book to get ahead of the curve on America's next big economic controversy.
If it strikes you that most of the arguments put forth for "free trade" are really just so much global- oney, you're right! Fletcher rips the mask from free trade myths, pointing out that economists in- creasingly reject the idea that our nation (or others) should base economic policy on such a du- bious proposition. This book is a powerful tool for anyone who wants to help raise common sense to high places. —Jim Hightower, Bestselling author, national radio and newspaper commentator, and editor of The Hightower Lowdown.
In Free Trade Doesn't Work, Ian Fletcher points to the ideal of ‘free trade’ and proclaims it isn’t wearing any clothes! Instead of following along with the crowd, Fletcher systematically presents the failures of an unrestrained trade system and offers up a balanced discussion of what a man- aged trade system could accomplish in its place. His discussion of the World Trade Organization’ s goals, and of China’s open defiance of the spirit of WTO rules, is refreshingly honest and timely. A direct move toward managed and open global trade is what America needs from its economic emperors, and this book is an important step in that direction. —Thomas S. Mullikin, author of Truck Stop Politics: Understanding the Emerging Force of Working Class America.
Ian Fletcher has convincingly dismantled the facade that for decades enticed U.S. cattle ranchers and their trade associations to support a free trade policy that was systematically destroying the economic integrity of their industry. A superb analysis of our nation’s misdirection. —Bill Bullard, CEO, R-CALF USA (Ranchers-Cattlemen Action Legal Fund, United Stockgrowers of America)
You have written a bible for us. It is brilliant! You even cover issues I have been concerned about but never had time to discuss with anyone else. I started by reading it and ended by studying it. Am now going through it for the second time underlining and highlighting. —Brian O’Shaughnessy, Chairman, Revere Copper Products; Co-Chair, Coalition for a Prosperous America
Ian Fletcher has laid out a powerful critique of so-called "free trade" theory, while also making the case for rethinking and reforming our current trade policies. Given the economic challenges we face in an increasingly treacherous global economy, this book provides essential tools and an- alysis for policymakers and activists. —John J. Sweeney, President, AFL-CIO and author of and author of America Needs a Raise: Fighting for Economic Security and Social Justice.
Drawing on the insights of a broad array of political persuasions, Ian Fletcher delivers a deva- stating and powerful indictment of free trade economics—one that should be widely read, not the least by economists themselves who’s work generally remains confined to their own narrow dis- cipline. I agree with Fletcher: "we can’t trust the economists."Free Trade Doesn't Work will spark some much-needed debate on what sort of political and economic policies we can trust. —Gavin Fridell, author of Fair Trade Coffee: the Prospects and Pitfalls of Market-Driven Social Justice, Assistant Professor of Politics at Trent University.
Like the Holy Grail, free trade is a concept that works in the classroom and in the minds of aca- demics and others insulated from the harsh realities of global trade in the real world. In the real world, we have managed trade. This ranges from the blind free trade faith of economists, edit- orial boards, and politicians to the mercantilist, protectionist, predatory trade practiced by some of our major global trading "partners" like China. This book is an excellent introduction to these realities and what can be done about them. Unregulated markets have driven the global eco- nomy over the cliff, and it is now vital for economists and policy-makers to consider alternative approaches to economic theory and policy. Ian Fletcher makes a powerful case for abandoning the simplistic mantra that markets generally maximize welfare and tariffs or regulations reduce economic prosperity. He points to more nuanced policies that avoid the extremes of blanket protectionism and unregulated trade. —Dan DiMicco, Chairman and CEO, Nucor Steel Corporation and author of Steeling America's Future: a CEO's Call to Arms.
Ian Fletcher bravely takes on the free-trade theorists who led cheers for the slow-motion disint- egration of American prosperity and he trumps them with facts and clear-eyed logic. If people will listen, Fletcher's informed voice will help turn the country toward a more promising future. —William Greider, author of Come Home, America: The Rise and Fall (and Redeeming Promise) of Our Country.
If the rest of your book is of this quality, you will have a classic that will be of use for many years... You are making a major contribution to thinking on trade policy. —Pat Choate, Running mate of Ross Perot in 1996 and author of Dangerous Business: The Risks of Globalization for America.
Rebuilding the American economy will require those in power to understand that what benefits workers, benefits the country. In Free Trade Doesn't Work, Ian Fletcher makes it clear that Amer- ica's nearly $6 trillion trade deficit accumulated since NAFTA took effect in 1994 benefits neither workers nor the nation. The book debunks the myth of free trade and proposes a responsible alternative that would restore a measure of sanity to America's international trade policy. —Leo W. Gerard, President, United Steelworkers.
Fletcher has written a powerful and refreshing critique of some cherished assumptions held by mainstream economists. It is uniformly insightful, often brilliant, and remarkably readable. Obama’s team should read it – and soon. —George C. Lodge, professor emeritus, Harvard Business School and author of Managing Globalization in the Age of Interdependence.
Most Americans live under the myth that "sound economics" says so-called "free trade" benefits all nations. Fletcher shows, in very readable prose, how the discipline is finally catching up with reality and common sense and is changing its mind on that matter. This book will be an essen- tial guide to the emerging debate over the wisdom of "free trade" as a sound policy for our nation. —Patrick A. Mulloy, Commissioner, U.S.-China Economic and Security Review Commission, former Assistant Secretary of Commerce, former General Counsel, Senate Banking Committee.
A trenchant and comprehensive analysis of the gap between the theory of free trade and reality, together with a revealing description of the weaknesses of the theory itself. —Ralph Gomory, Research Professor, Stern School of Business, New York University and author of Global Trade and Conflicting National Interests.
In this sophisticated, well-informed, and comprehensive study, Ian Fletcher provides a very pow- erful, passionate, and convincing critique of free trade in an accessible and engaging manner. Read it. —Ha-Joon Chang, University of Cambridge, author of Kicking away the Ladder and Bad Samaritans.
Trading Up is an excellent guide to the economic realities obscured by the intellectually hollow promotion of ‘free trade’. It is up-to-date, comprehensive and very readable. —Jeff Faux, Distinguished Fellow, Economic Policy Institute and author of The Global Class War: How America’s Bipartisan Elite Lost Our Future - and What It Will Take to Win It Back.
A superb debunking of the arguments for free trade and a thoughtful examination of the alterna- tives. Fletcher’s book is required reading for policy-makers and for the general public trying to understand how the United States has fallen into a debt trap and what has to be done to escape it. The book is also a lesson in how governments can sometimes convince citizens to support policies that work against them. —Richard H. Robbins. Author of Global Problems and the Culture of Capitalism, and Global- ization and the Environment; Distinguished Teaching Professor at Plattsburgh State University.
Free Trade Doesn't Work offers a satisfying critique of the flaws of free trade economics, and the damage that related policies have caused to the US economy and beyond. Its arguments are tools with which to break the hold of the current free trade consensus over our politicians, and to work towards truly fair trade and economic policies. —Stephanie Celt, Director, Washington Fair Trade Coalition
Recently, Paul Samuelson, the godfather of modern economics, called the economic orthodoxy pushing free trade "charlatans." After reading Free Trade Doesn't Work you will know why he did. Ian Fletcher exposes the lies about free trade and a offers an easy to understand roadmap to economic reality. —Bob Baugh, Executive Director, AFL-CIO Industrial Union Council
Ian Fletcher’s argument against free trade and in favor of tariffs is not only a courageous assault on our so-called conventional wisdom, it makes a brilliant and wildly compelling case for reg- ulation. The book is an impressive piece of scholarship, one that could and should provide the blueprint for government intervention in commerce. Economists will stand up and take notice. Wall Street will hate it. —David Macaray, author, It’s Never Been Easy: Essays on Modern Labor
This readable book dramatizes our lost history of global trade and punctures the mythology surr- ounding the benefits of unbridled free trade. A vital primer for anyone trying to understand the current trade debate. —Chuck Collins, Institute for Policy Studies; co-author, The Moral Measure of the Economy
Unregulated markets have driven the global economy over the cliff, and it is now vital for econo- mists and policymakers to consider alternative approaches to economic theory and policy. Ian Fletcher makes a powerful case for abandoning the simplistic mantra that markets generally maximize welfare and tariffs or regulations reduce economic prosperity. He points to more nu- anced policies that avoid the extremes of blanket protectionism and unregulated trade. —Prof. Geoffrey Hodgson, Editor-in-Chief, Journal of Institutional Economics, Cambridge University Press.
Ian Fletcher’s book is of immense value in defining the parameters of the idolatry of free trade. Politicians and the general populace continue to be afraid to abandon this false god because of the kind of superstitions and inaccuracies that this book exposes very well. I would highly recom- mend it.
Yeah, competition sucks, doesn’t it?
“Intellectually, I must require you to show that any country can manage the required logistics to win a war with unrestricted free trade. Manufacture and supply of all food, equipment,and fuel in quantity delivered where needed.”
But if we are relying on tariffs on foreign trade to fund our military, we will also run into major problems.
1) it won’t be enough to fund it
2) foreign countries will have easy veto power over our military actions since we are relying on them for revenue.
3) other companies that use steel and other taxed goods will also move overseas. The economy will shrink and that will result in even lower revenue for the military.
I think someone just signed up today and left a deposit on our lawn.
you can’t assume that everyone will love us if we have unrestricted free trade. Al qaeda and other islamofascists groups will always hate us because of their ideology. However, we will have more cooperation from our allies and non-enemies if we piss them off less.
Especially when Obama is the man that will manage the trade system. LOL!
During the second half of the 19th century the tariff funded the federal government and protected American industry from European competition. Our nation became the greatest industrial power in the world during that time.
Wrong.
how things would pan out in war if the entire steel industry moves to Asia.
And just how much steel industry do we need for defense purposes? Should we make steel 3 times more expensive, so the steel industry stays here? Do you have any indication the steel industry is moving to Asia?
Welcome to FR.
There are a good number of ideologues here who will bristle at your assertions. Ready to blow themselves and everyone else in the country to bits at the altar. One thing they ignore - “Free Trade” as currently practiced is not free - not a tiny bit.
Even if it were, we’d be nuts to embrace it. The Law of Diminishing Returns does not favor overdeveloped nations. Lower trade barriers, and capital flows out of the country like water through a broken dam.
The only thing we’ve actually done is lower barriers to competition from overseas without removing any of the burden that comes from operating within US borders. The results have been nothing if not predictable. Our industrial and GDP growth have slowed to a crawl or reversed. Deficits are skyrocketing.
Our economy and national defense capability have been comprimised. Our technological edge is being blunted by piracy and outright surrender. We are rapidly ceding our bargaining power when it comes to foreign policy and resource markets. Thanks to porous borders and non-existent immigration enforcement, we’ve become a welfare sugar daddy for Mexico and Central America. Deficit spending just accelerates things. We’re financing China’s ascendancy from our own Treasury.
This is a bad joke that’s gone on long enough.
I’ll try to check the book out.
Beautiful well thought out answer.
Judging from the comments on this thread, I am not confident anyone else will--they've pretty much drawn their conclusions from the title. At $24.95, I will also wait for the price to fall (free marketeer that I am). That, or I'll see if the local union hall is handing them out for free.
Yes. If there is war.
No. IF the entire steel industry goes to Asia. That’s asinine to begin with
“Your screen name is certainly indicative of the substance of your reasoning”
Someone who takes their screen name from a fictional talking horse has no stones to throw
The Great Depression resulted from a collapse in domestic demand, not demand for US exports. The tariff was passed after the 1929 stock market crash. Exports comprised only 5% of GDP in 1929. World trade declined 66% from 1929 to 1934. Even if you attribute 100% of the decline in trade to Smooth Hawley (an unlikely assumption), the tariff had at most a negative impact of 3.4% to US GDP.
From 1929 to 1933 US GDP declined by 39%. It is difficult to attribute that decline to a tariff affecting at most 5% of GDP. Industrial production fell by 45% from 1929 to 1932. Most of the decline in US exports was farm products, not manufactured goods.
Even under Smoot, 66% of all imports were duty free and the effective tariff rate was 19.8%. From 1821 to 1900 the effective tariff rate on imports into the US averaged 29% with only 8% of imports being duty free.
Federal Reserve action shrinking the money supply by 30% contributed much more to the Great Depression than a tariff impacting at most 3.4% of GDP.
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