Monday, October 31, 2016

Ian Fletcher on Free Trade Again

Some additional videos of Ian Fletcher, the author of Free Trade Doesn’t Work: What Should Replace It and Why (2nd edn.; 2011), criticising free trade:

An important point in the video above at the end is that today various forms of East Asian state capitalism (although they are by no means free from problems, e.g., the current property bubble and banking problems in China) are still killing the Western neoliberal version of capitalism. We in the West need a defensive state capitalism, with (at the very least) protectionism and an industrial policy.

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  1. Not too sure on this one. It seems to me that deals like NAFTA and ttip are not really free trade, but mercantilist imperialism by another name. The ISDS clause, allowing corporations to sue governments is the policy that matters. Companies being compensated for changes in policy seems more like a tariff in a different form to me. What's your thoughts in this and the idea of lowering tariffs in general? Is the latter on its own bad?

    1. it is bad since there is something that called returns to scale and absouloute advantage.