Free trade works very well for investors, financial institutions, and large multinational companies. At the same time, our free trade agreements push aside interests of workers, communities and the environment.
Our weakened economy is not due to a lack of creativity or entrepreneurial spirit of the American people. We are hurting from misguided government policies that have imposed disincentives to hire workers and impose huge costs on job creators.
Postindustrialism is now a blatantly dead letter, as the U.S. economy has ceased generating any net new jobs in internationally traded sectors of any kind: manufacturing or services, industrial or postindustrial.
There has been a lot of talk about a double-dip recession recently: how to define it, and what it means. What is missing from these discussions is the most obvious question of all: why won't the economy recover?
By doubling exports, the Obama administration figures foreign consumers will fill the spending gap. Problem is, most other economies also relied on American consumers. High production and low demand could spell a trade war.
America should impose an across-the-board tariff on Chinese goods sufficient to offset not only the effects of currency manipulation, but also all the other tricks Beijing has pulled in the past and will continue trying to pull in the future.
America's financial mess and our festering trade crisis were both caused by bad policies that mainstream economics told us were OK. This has made the public cynical about economists. What should we do to restore the discipline?