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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: Ilaine who wrote (22806)	8/18/2002 10:18:45 AM
From: Moominoid	Respond to of 74559

My answer to the anti free traders is to look at the World's biggest single market - the 50 US states. You don't see either the rich states like Connecticut getting poorer (manufacturing did decline there and was replaced by service industries) and you don't see poorer states getting poorer either. The Deep South has converged with Northern and Western living standards. The same is happening globally now. The difference between the US system and the global one is that there is a single currency in the US and free migration. Developing countries can get a temporary advantage by having undervalued currencies. The people who do lose are those in rich countries or states who don't get good education. Most of the rise in inequality in recent decades in US is due to the difference between the returns to the educated and uneducated rather than between capitalists and workers. The share of capital in the GDP hasn't changed a lot over time. David