Posted at Hartmann Report on Aug. 21, 2022
Free Trade Is Ravaging National Economies
Equal trade, fair trade, honest, decent trade requires reasonable balance between trading partners and strong domestic economies. When that happens, Adam Smith’s model works pretty well: prices for labor, materials, and finished goods all settle near the area where they “naturally” should be.
But as we’ve seen from the immensely imbalanced statistics on distribution of wealth in chapter 19, something is not working the way Smith envisioned. Wages appear to be dwindling, and the number of strong, healthy competitors appears to be shrinking.