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Politics : Ask Michael Burke
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To: Earlie who wrote (61264)6/2/1999 3:12:00 PM
From: Don Lloyd  Read Replies (1) of 132070
 
Earlie -

(...Greenspan, a fervent free-market advocate, said a massive rise in world competition that growing international trade had brought over the past half century had resulted in "markedly higher standards of living" for countries that participated in cross-border trade, particularly the United States.

The central banker harshly criticized the administration's trade policies for being too focused on the goal of job creation rather than overall standards of living. He also said it was too adversarial and noted that trade was not a zero-sum game in which a gain by one player is always to the detriment of the other.

"We try to promote free trade on the mistaken ground that it will create jobs. The reason should be that it enhances standards of living through the effects of competition on productivity," Greenspan said. ...)

This would seem to be consistent with the idea that imports are often the more beneficial part of trade, as has seen publication recently, although from a somewhat different angle.

Regards, Don

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