Re:Obama Administration Gives Up on Pacific Trade Deal
by mixedCase on Friday November 11, 2016 @04:27PM
(#12934526)
As someone from a third world country that was entertaining a similar trade deal with the US, I certainly wanted to take no part on the humongous shit show that is the US patent system, which was part of the deal.
Re:Obama Administration Gives Up on Pacific Trade Deal
by Jack000 on Friday November 11, 2016 @09:57PM
(#12936343)
protectionist policies might work if there is only one 1st world country and one 3rd world country, but America's share of world gdp is shrinking rapidly and an attempt to preserve their lead via protectionism is likely to backfire as they isolate themselves from the world economy.
Globalism may indeed be good for 3rd world countries, as their wages and the wages of 1st world countries will tend to converge. This is obviously not good for 1st world workers, who still have 1st world house payments, taxes, etc.
An argument could be made that the 3rd world countries also suffer, as they end up being dictated to by the much stronger 1st world countries, and give up much of their sovereignty. 1st world countries also give up some sovereignty, which doesn't sit well with the general populous, as the beneficiaries of that loss of sovereignty are the multinational corporations, not the man on the street.