I think free trade in most aspects is a good thing, possibly a really good thing. This article sheds light on certain aspects that aren’t very good for free trade. The article explains how free trade with China has had profound effects on labor markets in the United States. Then article writes about how free trade with other countries hasn’t had such a lasting effect as our partnerships with China, consequently displacing many workers, mainly to never find the same paying wage again. The events that have transpired because of our agreements with China should be a lesson in how slowly our labor markets recoup from major changes. Policy Makers should be aware of this kind of economic data when making their agreements with other countries. I fear that the free trade agreement with Vietnam is going to be a major reduction in revenue for the American Government. I have always wondered if the free trade agreement we have with Mexico has helped the illegal immigration problem that we have here in the United States. I have read that we have lost somewhere around 750,000 jobs due to NAFTA. I wonder how many jobs we have created in Mexico and how much their standards of living has increased since NAFTA. We have I’m sure benefited from cheaper products because the opportunity cost of creating certain products is cheaper for Mexico and therefore beneficial for both countries to trading with each other.
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ReplyDeleteI think free trade in most aspects is a good thing, possibly a really good thing. This article sheds light on certain aspects that aren’t very good for free trade. The article explains how free trade with China has had profound effects on labor markets in the United States. Then article writes about how free trade with other countries hasn’t had such a lasting effect as our partnerships with China, consequently displacing many workers, mainly to never find the same paying wage again. The events that have transpired because of our agreements with China should be a lesson in how slowly our labor markets recoup from major changes. Policy Makers should be aware of this kind of economic data when making their agreements with other countries. I fear that the free trade agreement with Vietnam is going to be a major reduction in revenue for the American Government.
ReplyDeleteI have always wondered if the free trade agreement we have with Mexico has helped the illegal immigration problem that we have here in the United States. I have read that we have lost somewhere around 750,000 jobs due to NAFTA. I wonder how many jobs we have created in Mexico and how much their standards of living has increased since NAFTA. We have I’m sure benefited from cheaper products because the opportunity cost of creating certain products is cheaper for Mexico and therefore beneficial for both countries to trading with each other.