I am always amazed at the slavish devotion the economic community has for FREE TRADE.
You'd think that the concept of Free Trade came down the mountain with Moses and was inscribed on stone tablets... But this is completely wrong!
Free Trade as it was conceived in the 18th Century was ALWAYS a political doctrine, never a serious economic theory... If you read up on the history of Free Trade you will discover that it's primarily political in nature. Indeed, various groups "use"
Free Trade as it suits their interests under various economic conditions.
Republicans and Capitalists were big protectionists prior to 1932...and LIBERALS and Democrats were the Free Traders! Shocking?
Origins of Free Trade go back to the early Industrial Revolution in England when the New Industrialists were seeking to "unlock" the potential trapped in the old Feudal aristocracy's land holdings where the theory of protection was very deep seated.
So Free Trade is the ultimate Flip-Flop economic theory...anyone can and does use it for temporary gain as needed.
Now Free Trade is being used against the working classes in the US to "free up" international capital to seek ever cheaper labor...
The economic consequences to the American economy are huge...ie massive deficits, but the Theory of Free Trade has been so deeply brain-washed into the economic and academic community as well as the major media, which never "got over" the scare of McCarthyism...; that now no one dares speak the truth about it...
The "comparative advantage" of 18th Century French Wine and English "Pig Iron" were obvious...England had the mines and France had the vinyards... But now the compartaive advantage is ALL CHEAP LABOR as technology has been diffused by the Internet...and by the willngness of International Capital to give away national secrets to achieve temporary gain...
Things will continue to spiral down until the Free Trade Slaves Repent and look at what's really happening....
