Sunday, January 27, 2008

Weinberger on Free Trade

Amen to Seth Weinberger over at Security Dilemmas. He puts up an excellent response to those who defend free trade while rejecting any notion that we must compensate those who lose from it. Even if we have no moral responsibility to compensate those who lose their jobs and livelihoods due to the (generally positive) effects of globalization - I believe that we do, but let's grant the point for the sake of argument - it is politically necessary to do so. Otherwise, the realities of living in a democracy will make trade unsustainable, to nobody's benefit. This is a perfect example of why economists need to study a bit of political science, and vice versa. Otherwise they simply talk past each other.

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