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by Colman I noticed a highly recommended diary on dKos by gjohnsit, in response to one by bonddad, calling for protectionism and the death of free trade that neatly illustrates the error people make when they accept and fall for the propaganda of the free-market right and then rebel against it. The "myth of free trade" is that unfettered trade is always, automatically good for you. The theory of free trade is that it can be configured to be good for everyone: the problem with it as currently practised most of the time is that the benefits accumulate in one part of society and the costs apply to other parts. The problem is with the grand social bargains that are made either explicitly or implicitly: the US and other countries could choose to redistribute the gains to compensate those who lose out. They don't, and the possibility that they might doesn't even seem to enter the political discourse. The same applies to capitalism: how the costs and benefits affect people depend on how it is practised, on the type of capitalism and on the way the winners compensate the losers. Capitalism is a game played by rules that determine the shape of the outcome.
Migeru's comment in the dKos thread is worth noting:
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Free trade isn't the problem | 75 comments (75 topical, 0 editorial, 0 hidden)
Free trade isn't the problem | 75 comments (75 topical, 0 editorial, 0 hidden)
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