Trade barriers hurt everyone and here's the proof
Tuesday, March 30, 2010
This fascinating article in the Wall Street Journal confirms what we’ve been saying about the globalisation of production and, by extension, the counter-productive nature of trade barriers, which only end up harming ourselves.
The factory floor used to be bound by four walls and one roof, but it is now stretched across imaginary national boundaries and oceans- benefiting workers and consumers alike. Who knew that almost half of Spain’s or China’s exports- irrespective of currency valuation- actually rely upon imports from other countries? We did here, and here! And we keep saying it.