The Davos Lie

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A term coined by Larry Summers. The old idea that since free trade increases overall benefits, the winners could compensate the losers with some of the gains to create a Pareto improvement where everybody wins. But the real world fact is that this compensation does not occur, increasing poverty and inequality dramatically.

Links

A Progressive Logic of Trade [More...]
Dani Rodrik rebuts the argument that existing trade agreements are essential to reducing global poverty. "Globalization’s cheerleaders do considerable damage to their cause by framing the issue as a stark choice between existing trade arrangements and the persistence of global poverty."
A Protectionist Moment? [More...]
Skip past the comments about Bernie Sanders to the important part, where Paul Krugman points out that "much of the elite defense of globalization is basically dishonest".
Free Trade With China Wasn't Such a Great Idea for the U.S. [More...]
An important recent study shows "powerful evidence that industries and regions that have been more exposed to Chinese import competition since 2000 -- the year China joined the World Trade Organization -- have been hit hard and have not recovered. Workers in these industries and regions don't go on to better jobs, or even similar jobs in different industries. Instead, they shuffle from low-paid job to low-paid job, never recovering the prosperity they had before Chinese competition hit."
The Davos Blind Eye: How the Rich Eat the Poor and the World [More...]
"Unbelievably, the endlessly repeated assertion of the form that ‘the poor are being lifted out of poverty in ever greater numbers’ continues on untouched despite the hard evidence that, in fact, the poorer half of humanity has lost almost half of their wealth in just the last five years."

Quotations

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