Yet another sign that Democrats no longer accept the value of open markets for promoting economic growth. This is something I've talked about before, but I find it somewhat surprising that Robert Rubin would get such a dressing down in front of House Democrats.
This is a troubling sign going forward.
The opening of markets around the world since World War II has coincided with a tremendous growth in wealth both in the US and abroad. It's clear that support for free trade has weakened in both parties. But as support has fallen more among Democrats, it looks like they may to actually implement policies that go in a different direction. It will be a test for the President, showing whether he's willing to actually make the case for free trade.
By the way, it also puts the lie to Democratic claims that they oppose unilateralist foreign policy in favor of coordinating with our international partners. It turns out that they only support multilateralism when it suits their goals.
Hat Tip: Greg Mankiw.
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Saturday, December 09, 2006
Democrats Rejecting Open Markets
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2 comments:
Such a tremendous wealth growth that wages are basically flat for the last 20-30 years for the great unwashed.
Dispite elites being totally for free trade and open borders,
support for "free" trade has fallen because it does not work for 80% of the people. Lies with statistics by WSJ and goverment bureaucrats (including tenured faculty) can be believed only so long.
"Such a tremendous wealth growth that wages are basically flat for the last 20-30 years for the great unwashed."
Your unsourced statement is less than convincing. Even if true, "basically flat" growth means that open trade hasn't hurt anyone too much, which is hardly a cause for a revolution. You'll have to try harder.
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