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To: LLCF who wrote (2833)10/21/1997 1:57:00 PM
From: John Cuthbertson  Read Replies (3) of 10921
 
Off Topic: Trade

I said:
<<. And among a lot of the public right now, the general feeling about international trade is that it lowers the American worker's standard of living because we must now compete with low-wage countries in manufacturing.>>
You said:
<Wow, the general public must be pretty smart! It certainly does lower the standard of living in the manufacturing sector in this country doesnt it!>

David,
The answer, as you probably know, is: sometimes. Depends on what business you're in. In a sector where foreign products are very competitive, like textiles, shoes or steel, foreign trade does and has lowered the incomes of workers. But in industries where the US has a comparative advantage, like telecom equipment, microprocessors or Caterpillar tractors, it certainly has NOT.
My point was that among the public at large there is the impression that freer foreign trade has lowered the standard of living for US workers in general (not restricted to manufacturing, either).
I think you might agree that this is not true, that in fact increased and freer international trade has in fact helped raise the US standard of living in general. Although I think more people are coming to understand this, I still find the common misimpressions about the effects of free trade to be worrisome. (So there!)

==John
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