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Technology Stocks : Cisco Systems, Inc. (CSCO)
CSCO 77.38-0.5%Nov 18 3:59 PM EST
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To: Paul V. who wrote (67796)5/7/2005 6:10:26 AM
From: RetiredNow   of 77400
 
Friedman is a smart guy. He's right that it will flatten the world. It will bring down wages in some industries in some wealthy countries and will raise wages in others. The effect will be to reduce economic activity in some areas and increase them in others, but the global economic pie will grow bigger. We may lose jobs to India and China, but the economic benefits to the world and to the U.S. from the lower wages will be more than offset by the lower prices on goods and the reinvestment in other areas where scarce resources are needed most. That will create a long term virtuous cycle that will spur more economic activity in areas the global economy needs it and increase the global economic pie, lifting all boats.

Greenspan thinks the same thing, thus his stern warning against protectionism.
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