1/4
Good article on how trade works: "Chinese EVs are high quality, though their price competitiveness has benefited from a decade of protectionism and government support totalling tens of billions of dollars annually."
ft.com
Good article on how trade works: "Chinese EVs are high quality, though their price competitiveness has benefited from a decade of protectionism and government support totalling tens of billions of dollars annually."
ft.com
2/4
In a beggar-thy-neighbor world, we will no longer even pretend to compete on the basis of higher productivity or superior manufacturing efficiency. We will increasingly choose between either rising subsidies or straight protection.
In a beggar-thy-neighbor world, we will no longer even pretend to compete on the basis of higher productivity or superior manufacturing efficiency. We will increasingly choose between either rising subsidies or straight protection.
3/4
That means that without a major (and unlikely) retreat from mercantilist policies among countries that depend most on export competitiveness to keep their manufacturers in business, the world is likely to retreat increasingly behind trade barriers.
That means that without a major (and unlikely) retreat from mercantilist policies among countries that depend most on export competitiveness to keep their manufacturers in business, the world is likely to retreat increasingly behind trade barriers.
4/4
But rather than choose between globalization and anti-globalization, we should be choosing between a globalization in which export success comes from higher productivity and wages, and one in which export success comes from suppressing wages.
But rather than choose between globalization and anti-globalization, we should be choosing between a globalization in which export success comes from higher productivity and wages, and one in which export success comes from suppressing wages.
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