One of the hardest lessons for me was to learn that all those free trade models in economics class were wrong: Free-trade is indeed beneficial between nations that both abide by the rule of law and have similar living standards/wage levels. It is not beneficial for a wealthy nation to have free trade with Third World country that does not abide by trade agreements, does not respect intellectual property rights, lacks worker freedoms that result in higher wages, and has a much lower standard of living. All of these apply to China.
Canada and Mexico happen to be our largest trading partners.
Our US masters may desire the pay of their "peers" in China.
Yeah, apply that to the Constitution and see where it takes you....
Bingo and well said!
I was in Uni as a Finance major undergrad when I first found FR.
Recently did a spring cleaning and had to decide whether to keep or toss my undergrad textbooks. The theories espoused in those econ books will be as discredited as phrenology by the time my own kids attend college some day.
I was under the same disillusion as my econ professor was a national level Libertarian at the time. Overcoming Confirmation Bias is a hard process to accept, especially as I focused my studies on a field that is looking worse for wear by the hour in these difficult times.
The decline of US manufacturing as a source of employment is due much to America’s predatory labor unions. On the plus side, cheap factory labor in China and elsewhere overseas has been of immense benefit to American consumers and has raised our living standards. It has also proven to be a source of strength to the US by strengthening our economic and political ties with China, India, and other emerging economies.