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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: CalculatedRisk who wrote (559)	2/24/2004 8:49:26 PM
From: mishedlo	Read Replies (1) of 116555

On free trade, guilds, and protectionism From Wayne on the FOOL ========================================================= It was only a matter of time before Free Trade started chipping away at the modern-day "guilds". Why do I say "guilds". Well, in ancient times a "guild" was established by tradesmen to limit access to the profession so that they could keep their prices up under the guise of some weird guarantee of "professional workmanship". Since these were the 'educated classes' with their paws on the levers of power, the old 'wink and a nod' from the politicos kept it going. Well, look around......... Lawyers get to decide how many lawyers there will be. Same with doctors, accountants, architects, radiologists, and on and on. Even nursing and teaching! Why shoul a radiologist make $ 90k a year? Wouldn't society be better off with 3 of them making $ 30k each? fwiw, Wayne

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