America Needs a New Globalization Game
Huffington Post, April 29, 2010
If you want to know what's wrong with America and why record numbers of Americans are telling the pollsters that they're fed up, just take a look at how we trade with China. Our major import is nearly $50 billion of computer equipment while our major export is about $8 billion of waste paper and scrap metal. Yes, that's right. We're swapping garbage for computers with China -- and lots of other countries as well.
Our trade has taken that shape because we have gutted the foundations of American prosperity as a result of our embrace of laissez faire globalization and our dogged allegiance to the flawed notion that free trade -- even when it is unilateral -- is always a win-win. The truth is that free trade is not always win-win and globalization is not working out at all as expected. Nor is it presently working at all in America's favor. How are the 10 million Americans now out of a job and those who lost their retirement investments going to recover if the US economy continues down the ruinous path it has been following for the past thirty years?
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