FREE TRADE TRUTHS
Irwin Stelzer makes a good point about the politics of free trade:
The hundreds of thousands hired by Wal-Mart probably don’t realize that their jobs depend on their employer’s continued access to Chinese goods. But the 300,000-500,000 U.S. workers who lost their jobs over the past three years as a result of the “relocation of U.S. production to overseas affiliates” are certain that low-cost Chinese labor and the undervalued currency are the source of their woes. And they don’t care that job losses due to such relocations come to only 0.1 percent of employment per year.
Indeed not. And, of course, one would guess a goodly portion of people who lost their jobs for reasons other than overseas competition think they lost them to the Third World.
(Hat tip: Daniel Drezner)