TBT: Trade War with China is Worth It

Amid this whole coronavirus situationconundrum, crisis, globalist meltdown—we should keep in mind that it’s all China’s fault.  That’s why GEOTUS keeps calling it the “Chinese Virus” and the “Wuhan Flu,” because those names are completely accurate.  Of course, the media is having conniption fits about the supposedly “racist” intentions and implications of those names (which are quite mild compared to my favorite, “Kung Flu”).  It’s why the only real response to charges of racism—which are designed to make conservatives apologize in panicked fear—is to ignore them.

Regardless, it’s worth remembering that China is to blame.  Whether it was the result of abhorrent, unhygienic culinary practices (the infamous “bat soup“) or a malicious (or incompetent) leak of an engineered biological weapon, China unleashed this plague upon the world.  Perhaps the strongest argument against uncritical globalization is just that:  we made ourselves excessively dependent upon a regime that is fundamentally opposed to our very existence, and which rejects our deepest held values and beliefs.

In retrospect, then, President Trump’s trade war with China looks all the more prescient.  We’ve become so dependent upon and integrated with China, we’re running short on the ingredients for essential medicines because of China’s disease.  Supply chains have been seriously disrupted, and will continue to be, it seems, for some weeks.  Thank goodness the tariffs began moving production of some goods back to the United States.

That’s an important lesson to remember:  paying a bit more for your washing machine is worth the price of having domestic production.  We don’t need to make everything in the United States, but saving a hundred bucks or so on a major appliance isn’t worth gutting our industrial capacity and leaving our middle and working classes out of work.

Oh, well.  A lesson learned too late is still a lesson learned.  When this whole fiasco is over, let’s consider a healthy dose of autarky going forward.

With that, here is August 2019’s “Trade War with China is Worth It“:

There’s a lot of disingenuous scuttlebutt flying around about a looming recession, the inverted yield curve, and the costs of the trade war with China.  I can’t help but think such doom and gloom reporting is part of an effort to undermine President Trump.  Investor and consumer confidence are emotional, fickle things, based as much on feeling as they are on hard economic data.

As such, I suspect that major media outlets are attempting a bank-shot:  scare investors and consumers enough, and they panic into a recession.  President Trump’s greatest strength at present is the booming economy and low unemployment rate; take that away, and loopy, socialist Democrats have a much better shot in the 2020 elections.  With Leftists like Bill Maher actually hoping for a recession to unseat President Trump, that’s not a far-fetched speculation at all.

The inverted yield curve is a bit academic, though, and I don’t think it’s going to have the scary impact its prophets of doom hope.  Oh, a curve on a graph is inverted—scary!  Most Americans aren’t going to respond to that in any substantial way.

On the other hand, the negative media attention around the trade war with China could negatively impact perceptions of the president.  Trade wars, in which countries throw up tariff barriers against one another’s imports, often ratcheting up the duty levels, is a game in which both sides lose out over the long-run—that is, assuming they don’t have other viable trading partners, and that they’re both evenly matched economically.

And, yes, the trade war has had some drag on the American economy—but it’s been so minuscule, only a few sectors have really felt the pain.  Meanwhile, China is really struggling.  Getting Trump out of office would serve China beautifully, as narrow-minded neoliberal economists would likely push a Biden (or Harris—gulp!) administration to end the tariffs.  China has the dubious luxury of an authoritarian system that can direct its economy, while President Trump must survive reelection to keep his trade policy going.

The case for maintaining the trade war is compelling (and it pre-dates Trump:  one of Mitt Romney’s advisers in the 2012 election, Oren Cass, wrote an essay for National Review calling for a trade war with China in 2014).  The best recent summary for why the trade war is beneficial actually comes from my hometown paper, The Aiken Standard (kudos to my Dad for sharing this piece).

Greg Roberts spells out the case in “Facts behind the U.S.-China trade war“; I highly recommend you give it a read.  As Roberts points out, in a normal trading relationship, the price of each trading nations’ currencies would fluctuate based on its relative trade imbalance with its trading partners; this fluctuation would occur until some rough equilibrium in currency values is reached.

China—in violation of its agreement not to do so upon entering the World Trade Organization—has continually depressed the value of its own currency in order to encourage a trade imbalance with the United States.  Because the Chinese currency is held artificially low, it is cheaper for the United States to import Chinese goods than to export American goods to China.  Why?  Because the Chinese currency is cheaper, Chinese goods are less expensive, and can be bought and imported cheaply.

Because China is a currency manipulator, it is not acting per its agreement upon joining the WTO.  Further, Roberts points out other violations, including China’s requirement that firms wishing to manufacture in China turn over their patents, blueprints, and other intellectual property to the Chinese government as the cost of doing business.

Here are two relevant paragraphs:

Has China kept its promise? The answer is a resounding no, since the Peoples Bank in China, which is controlled by the Communist Party, routinely devalues its currency to maintain, in the case of the U.S., a positive trade balance, which, for us, means we have a trade deficit with China, now totaling more than $300 billion annually.

China agreed to many other provisions when it joined the WTO which the country has not kept, to wit not requiring the transfer of foreign technology as a condition of market access; enterprises in China that are owned or controlled by the government have expanded rather than diminished; foreign banks have not been given the access that had been agreed to; the theft of intellectual property has not abated; among many others.

Clearly, China has acted in bad faith repeatedly.  Further, the United States has a number of alternatives for trade in the region, including Vietnam.

Also, the goods China receives from the United States are the stuff of life—soybeans and other agricultural products.  Does the United States need more cheap plastic crap?

Give Roberts’s analysis a read.  It’s the best, most succinct summary of the trade war I’ve read recently, and it will convince you of the necessity of holding the line against Chinese economic aggression.

Phone it in Friday VIII: Coronavirus Conundrum

It’s been another crazy week here in the world of yours portly.  The quarter is coming to a close, and I’ve got a mountain of ungraded quizzes and tests to slog through to appease the gods of higher education admittance.

Ergo, it’s time for a very special coronavirus (or “COVID19,” for your cool kids) edition of Phone it in Friday!

  • Tomorrow’s SubscribeStar Saturday will be a detailed rundown of what I’ve been doing to prepare for the extremely remote possibility that we all get quarantined in our homes and have to practice social distancing to avoid spreading the bug any further.  Here’s the short preview:  I bought a bunch of rice, beans, and spaghetti.
    • On that note, I’m yet again flummoxed by fears of everyday hunger in America.  Ten pounds of rice came to about $7; same with the spaghetti.  Twenty cans of beans cost around $12.  You can eat—maybe not well, but enough to survive and function—for a month for extremely cheaply.  Whining about “hunger” in the United States is a farcical outlier.
    • I am thankful to live in the United States, a country with the best medical system in the world, and the means to treat most diseases.  I’m optimistic that the virus will pass through quickly
  • Was it bat soup, or a Wuhan biological weapon?  Either way, I think we’ve seen the wisdom of the trade war with China, even though we weren’t anticipating something like a Chinese-created pandemic.  The coronavirus exposes the weaknesses and contradictions at the heart of China, and puts lie to the notion that this is a “Chinese century.”  I’ll be glad to be done with such rubbish.  The Chinese have come far, yes, but it turns out a totalitarian regime built on a culture of death and lying (“saving face”) can only snooker people for so long.
    • That doesn’t mean that China will no longer pose a threat.  Indeed, I believe China to be our biggest geopolitical competitor.  All the more reason to relocate industries back to the United States, or at least to friendlier countries like Vietnam, rather than deal with the Chinese.
    • For the best treatment of this subject, read blogger Didact’s essay “Corona-chan Comes for You.”  He spells out the economic threat of the coronavirus, and how the whole thing is likely the result of Chinese incompetence and the insane cultural concept of “face,” in which it’s better to lie (in the Chinese mind) than to risk bringing shame to your family.  Concepts like that make me glad to live in the United States.

My hope is that after all is done, China will be a pariah, no longer vaunted as a power on the rise, but maligned as a malicious, mendacious regime.

That’s it for this brief Phone it in Friday.  Wash your hands, stock up on dry goods, and stay healthy!

—TPP

God Bless Us, Every One: The Gift of the Trump Economy

Christmas Week is always full of blessings.  Thanks to the good folks at pro-MAGA news aggregator Whatfinger News (and a helpful tip from photog of Orion’s Cold Fire on how to submit links to them), The Portly Politico has seen its best week in terms of traffic all year.  Two pieces, “Napoleonic Christmas” and “Christmas and its Symbols” made the main page, leading both to surpass my previous top post for the year, “Milo on Romantic Music.”  Apparently, people still get riled up about Napoleon.

It’s also been a wonderful opportunity to spend time with family and to overeat lots of delicious, rich foods.  If you’ve never heard of the Appalachian delicacy “chocolate butter,” do yourself a favor and look it up.  Yes, it’s even better than the name suggests.

Of course, all of that good cheer requires a solid financial foundation.  And in his three years in office, President Trump has shattered records for unemployment, wage increases, and economic growth.  Economics isn’t everything, but the Trump economy is something for which we should give thanks.

Read More »

Trump Stands for Us

My blogger buddy photog at Orion’s Cold Fire is enduring some bleak New England weather.  Apparently, the bracing cold and gale force winds have sharpened his already-considerable analytical skills, as he’s been killing it lately with his posts.

He’s written a post, “The Unique Value of the Trump Presidency,” which perfectly encapsulates what Trump’s presidency means to the forgotten men and women of this country.  photog rattles off a laundry list of reasons different kinds of conservatives might like Trump—his judicial appointments, his less interventionist foreign policy, his trade war with China—but hones in on the key reason Trump matters:  “… there is actually a much more important aspect to the presidency of Donald Trump that should be emphasized.  He doesn’t despise us” (emphasis photog’s).

Read More »

Trade War with China is Worth It

There’s a lot of disingenuous scuttlebutt flying around about a looming recession, the inverted yield curve, and the costs of the trade war with China.  I can’t help but think such doom and gloom reporting is part of an effort to undermine President Trump.  Investor and consumer confidence are emotional, fickle things, based as much on feeling as they are on hard economic data.

As such, I suspect that major media outlets are attempting a bank-shot:  scare investors and consumers enough, and they panic into a recession.  President Trump’s greatest strength at present is the booming economy and low unemployment rate; take that away, and loopy, socialist Democrats have a much better shot in the 2020 elections.  With Leftists like Bill Maher actually hoping for a recession to unseat President Trump, that’s not a far-fetched speculation at all.

Read More »

Trade War Favors the United States

Thanks to my dad for sending along this piece from stock guru and madman Jim Cramer about the trade war with China.  I’ve been writing a great deal lately about economics (including the “Lazy Sunday IX” and “Lazy Sunday X” compilations), and I share Cramer’s nuanced view of the trade war and Trump’s tariffsGlobalization of capital is not an unalloyed good.

Cramer gives a nuts-and-bolts rundown of this latest round in the trade war with China.  Monday saw a big selloff in the market, as investors panicked about China slapping tariffs on American goods.  As Cramer points out, the biggest loser is Apple, which is also reeling from a loss in the Supreme Court that will allow a class-action monopoly suit to go ahead against the tech giant.

The two other companies that will most be affected are Boeing and Caterpillar.  Cramer points out—as does President Trump—that there is a huge backlog of potential customers waiting to purchase jets from Boeing, and Caterpillar made a deal with the devil, so screw ’em.

Otherwise, the Chinese dragon looks a lot more like a paper tiger.  In addition to blocking imports of liquefied natural gas—like jets, a product that the rest of the world is clamoring to import from the United States—China targeted a laundry list of foodstuffs:

…[W]hen the Chinese unveiled their retaliation list it was pretty pathetic. I am going to list some of them because you are going to know how little ammo they really have. Here’s the guts of the list: beans, beers, Brussels sprouts, cabbage, carrots cauliflower, broccoli, cucumbers, potatoes, sweet potatoes, rabbit meat, frog legs, almonds, cashews, apples, pineapples, dates, figs, mandarin oranges-mandarin!-hazelnuts, pears, macadamia nuts, whey as in curds and whey although curds aren’t on the list, eggs, butter, pasta, rice, corn, eels, trout, chickens, turkeys, peanuts, cakes, wine, wheat and then here’s some odd ones: televisions, DVRs, and cameras.

Note that those farm products are the necessities of life.  The production of televisions, DVRs, and cameras, as Cramer notes wryly, has been wiped out Chinese competition already, so they’re absurd non sequiturs.

I had a friend lament the collapse of the soybean farmers because of the trade war.  While I sympathize with the farmers, one could be forgiven for thinking this an example of missing the forest for the soybeans.  Someone else will buy the soybeans, and our generous farm subsidies will dull the pain of any major losses.

That’s all to say that soybeans and temporary market disruptions are a small price to pay to restore the American economy and to hobble China’s.  China is a far more serious geopolitical and economic threat than the Russian boogeyman (not to say Russia isn’t a threat), yet we’ve kow-towed to their authoritarian corporatism for decades, with ruinous results.

Yes, some products will cost more.  I spoke with a repair technician about doing some work on an old saxophone, and he said, “Your buddy Trump is why parts are so expensive.  As soon as the trade war started, prices for parts jumped 1000%.”  Based on the value he placed on my pawn shop Noblet, I’m assuming he’s engaging in a bit of genuine hyperbole.

Regardless, the technician lamented the decline of the once-great American instrument-making industry (huge in Elkhart, Indiana), saying that parts are made in China and other countries, with only a few horns still assembled in Indiana.  He mentioned, too, that Gretsch “sold its soul to the devil” as a result of cutting corners and relocating abroad to save costs.

Again, his fixation was on the high price of parts—but those parts could be made here again, at a higher-quality and lower cost.  Elkhart could once again become the global capital of instrument manufacturing, and saxophones wouldn’t be cheap, leaky Chinese toys.

In the short-term, the trade war will be painful for some investors (although Cramer argues that this latest round will calm down as early as today, with investors getting over their textbook-based fear of a Smoot-Hawley Tariff situation), and in the long-term, trade wars tend to produce only losers.

But in the Chinese case, it’s worth some short-term pain, and the disruption of reallocating resources, to regain our economic dominance against China.  Anything we can do to hobble their rise is a net benefit for the United States, East Asia, and the world.

Lazy Sunday IX: Economics, Part I

I followed a fairly standard political-philosophical trajectory to where I am now. Back in my salad days, I was a big Milton Friedman fanboy (in many ways, I still am).  His works, particularly Capitalism and Freedom, compelling made the case for many things I already believed, and made me love liberty even more.

I skewed heavily into libertarian territory (without every fully becoming a capital-L Libertarian), and came to believe that, in most cases, free markets could (and, in some golden future, would) solve virtually all of humanity’s problems, as history Whiggishly improved more and more with each passing year.  Efficiency would free humanity from drudgery, and we’d all have plenty.

Indeed, that is, in many ways, the story of the modern West:  greater efficiency and economic fluidity has yielded material wealth unparalleled in human existence.  Capitalism works quite well at alleviating material misery.

But there’s the rub:  as I’ve grown older, gradually amassing a nest egg and hustling constantly, I’ve come to understand that, as nice as material abundance is, it is a false god (as is the neoliberals’ lust for ever-greater efficiency).  Despite our great wealth and our cheap, shiny, plastic baubles from China, America’s are culturally, morally, and philosophically miserable.

So, for the next two Sundays I’ll be featuring posts on economics, a topic I believe should be regarded as one of the humanities, rather than a social science.  I still believe capitalism is the best possible economic system ever devised, and does a great deal to secure liberty for individuals and nations (as Milton Friedman wrote, economic freedom is a necessary precursor to political freedom).  That said, I’ve adopted Tucker Carlson’s formulation that capitalism should work for us, not the other way around.

To that end, here are this week’s pieces on economics:

  • 4.8% Economic Growth?!” – this very short post relaunched this blog.  The TPP 3.0 Era, as I call it, kicked off with my move to WordPress.  It trumpets the incredible growth of the Trump Administration and its economic policies. After years of sluggish “recovery” under President Obama, the Trump Renaissance breathed fresh life into our moribund economy.
  • Q&A Wednesday – Tax Cuts, Trade Wars, Etc.” – I adapted this post from a response I wrote to some Facebook comments from two of my most loyal readers.  It details my evolving views on tariffs—essentially, that instead of opposing nearly completely, I now see their utility.Towards the end of this essay, I address an idea I’ve been kicking around:  that it’s better to subsidize workers through protective tariffs (thereby giving them work, and a sense of purpose) than simply to hand out money or administer costly welfare programs.

    I developed that idea more fully in the next essay on this list.  It goes to the idea that people—and, I would argue, specifically men—derive a great deal of their sense of self from their work.  This understanding is closer to the term vocation than it is merely to “work,” the distinction being that vocation is work that is both productive and fulfilling—it’s work in a higher sense, beyond merely providing for one’s basic needs.

  • The Human Toll of Globalization” – this post was inspired by a lengthy Breitbart piece about the costs of globalization, and is of a piece with the previous essay.  Therein I explored the idea, mentioned directly above, that work is ennobling, and its benefits go beyond a paycheck.  There is a quiet, affirmative satisfaction to doing something and doing it well.  Why else would I blog daily with zero revenue?
  • Global Poverty in Decline” – lest you think I’ve jettisoned the old Friedmanian views completely, this short post—based on a Rasmussen Number of the Day—deals with the decline in global poverty in the last few decades.  That decline is, truly, astonishing.  A good chunk of it came with economic liberalization in China, which has come, in part, at the expense of the United States, but it also reflects the benefits of economic liberty across the globe, particularly in the former Soviet bloc countries.For all the potential moral hazards of excessive material wealth, there’s no denying the inherent morality of a system that prevents starvation, malnutrition, and homelessness, all with only minimal government coercion and interference.  That’s pretty remarkable, and one reason we should be careful to protect capitalism, even as we seek to rein in its more destructive tendencies.

That’s it for this XXL (that’s “Extra-Extra-Large”) edition of Lazy Sunday.  Enjoy!

–TPP

Other Lazy Sunday Installments:

Trump’s Economic Growth Isn’t Due to Farm Exports

President Trump has enjoyed massive economic growth since his election, much less his actual inauguration.  The latest economic growth numbers for Q2 put the annualized rate of growth at a whopping 4.1%.

Naturally, the progressive Leftists are grasping about for any explanation they can to account for this growth, or to downplay it.  One of the more novel proposals is that the only reason growth is so high is because farmers are rushing out their exports to other nations ahead of planned tariffs—and the retaliatory measures they will garner.

While I’m willing to concede these premature exports may account for some of the growth rate in Q2, I doubt very seriously that there are enough additional soybean exports to China in a three-month period to bump the entire economic growth rate by more than a fraction of a percent.

Consider all the factors at play here:  the 2017 tax cut, specifically to the corporate tax rate, created a yuge incentive to companies to repatriate dollars held overseas, and made American companies internationally competitive again (prior to the cuts, our corporate tax rate of 35% was one of the highest in the developed world).  The easing of pressure on corporate rates and individual income tax rates have boosted business and consumer confidence, and wages have increased as unemployment continues to fall.

Even before the passage of the tax cut, deregulation within the executive branch began stimulating the economy.  In his famous Gettysburg campaign speech, in which then-candidate Trump put forth his reform agenda for the United States, he promised an executive order requiring the removal of two regulations for every one new regulation written.  In classic Trumpian fashion, the President delivered—and then some:  in 2017, the Trump administration cut a whopping twenty-two regulations for every one regulation passed.

The one-two punch of deregulation and tax cuts has juiced the engine of the economy with rocket fuel, but the media loves to run with the narrative that it’s all smoke-and-mirrors, and we’re only enjoying this growth because a bunch of farmers rushed out exports early.

They push that story for two reasons:

1.) They can’t give Trump credit for anything positive

2.) It draws attention to the downsides of tariffs, and the cloying sentimentality of the farmer struggling under Trump

I have a great deal of respect for farming and the rural life, but these aren’t Nebraska homesteaders or Jeffersonian yeoman farmers we’re talking about.  Not that that matters—big corporate farms shouldn’t be punished for being big; I’m merely cautioning readers to take such rhetoric with a massive dose of soy (actually, pick something else; we don’t need anymore soy boys).  The mainstream media is going to spin this story in the most maudlin fashion possible.

Tariffs historically have hurt farmers, who often pay the price of tariffs both ways:  they pay more imported goods, and they struggle to access foreign markets competitively when they export their products.  And, as I wrote recently, I don’t think tariffs are without their costs.

That said, there’s no way Q2 GDP growth can be driven solely, or even mostly, by farm exports.  Further, it seems that such robust growth makes tariffs more affordable, in the sense that the United States can spare a few decimals of growth in exchange for greater protections of worker.

Finally, tariffs-as-bargaining-chip seems to be working.  China’s economy is in free-fall, and the Chinese have to eat.  Even with tariffs on US soybeans and other farm products, China needs what we’re growing more than we need what they’re churning out.

In short, stay the course, President Trump.  Rebalance our trade agreements, make the income tax cuts permanent, and keep regulations light.

Q&A Wednesday – Tax Cuts, Trade Wars, Etc.

Two of my most loyal readers, Megan and Frederick (I highly recommend the latter’s corporate history blog, CorporateHistory.International), both chimed in via Facebook about Monday’s post on tax cuts.  Frederick pointed out a potential downside to corporate tax cuts—what’s to stop large multinationals from investing that money in physical plants and employees overseas, notably in China?  Megan asked me to elaborate further on tariffs in relation to that very question.

Being a conservative, I like to conserve things—traditions, morals, civil society, working institutions, etc.—but most especially effort.  I’m a strong believer in the dictum, “Work smarter, not harder” (although you need a healthy dose of the latter, too).  As such, I’m adapting my Facebook response to them here.

I think the question of tariffs and trade wars is hugely interesting, and needn’t be bogged down in tedious charts and numbers.  What I do believe is that President Trump has ripped the façade from the bipartisan push for globalism, and particularly demonstrated the real, human cost of unbridled free trade.

I used to be 99% a free trader, with 1% reserved for mild tariffs on national security-related goods, like steel.

Now I’m probably more 85% free trade, 15% tariffs. A tariff is a tax, yes, and it’s borne not just by foreign nations exporting goods to the US, but also by American consumers, who have to pay more for goods that are protected (and, thus, more expensive and potentially of a lesser quality than they would be in a competitive, free market).  That disclaimer aside, it seems like paying a few more bucks for your washing machine is a good way to keep Americans employed and earning a decent wage.

If you take that reasoning too far you fall into the dilemma of minimum wage increases, which increase unemployment (especially for unskilled, young, and minority workers) and raise costs, so that any increased wages enjoyed by the beneficiaries are eaten away by the increased costs of consumer goods—all served up with a side of higher unemployment.

That said, judicious tariffs—I’m not arguing for the high, blanket tariffs of the late nineteenth century, which wouldn’t work well in our modern, interconnected economy—especially related to key industries like steel, could keep a lot of Americans working, and would allow blue-collar workers to earn a wage that wouldn’t require years of expensive schooling.

Also, I think targeted tariffs against unequal trading partners—I’m thinking primarily of China—would level the playing field, and prevent some of the outsourcing and capital flight that might occur with a corporate tax cut (or, more likely, increase). It’s unreasonable to expect American workers—with all their labor protections, etc.—to compete with near-slave wage Chinese workers. China’s currency manipulation to make its exports artificially cheaper, as well its rampant intellectual property theft, needs to be combated, and if it means getting our cheap plastic Happy Meal toys from Vietnam (or the USA!) instead of China, so be it.

The current “trade war” with China sees Americans in a much better position than the Chinese. China needs those exports, but the USA can stand to experience some minor drag to its GDP growth given the massive growth we’re seeing with the tax cuts (not just the corporate tax cut, but also the 20% deduction for small business pass-through earnings, which is YUGE for small business growth—a key driver of employment in our country). I see it as a trade-off—pay a little more for some consumer goods, but create imbalance in the Chinese economy and force them to play ball on par with the Western world and Japan.

My only real concern with this approach is there is no limiting principle (although that’s true for any type of tax, and we have to have some of them), which makes me wary as a limited-government Jeffersonian, but the Hamiltonian commercialist in me sees this moment in history as one in which we can uniquely leverage our economic clout to improve our own economy and our position internationally, and we can afford to go through a trade war longer than China (or Mexico, or Europe).

Everyone loses if a trade war lasts too long, but I think the Chinese will blink first. American workers will be the ones to benefit.

One additional thought, which will require more elegant development in a future post:  even with the inefficiencies and deadweight loss that would occur from overly-high tariffs, wouldn’t protecting domestic jobs be a more effective and fulfilling way to provide a living for blue-collar workers than the current welfare system?  Instead of a massive, government-run bureaucracy administering a complex and redundant system of bennies, society could bear the cost through paying a bit more for consumer goods.  Such a system would create more semi-skilled positions in some industries, and I’d rather we subsidize people through work than to subsidize them not to work.  Again, that’s a very rough sketch, but some food for thought.

Regardless, tariffs are not an unalloyed evil, nor is free trade an unalloyed good.  There’s room for both.  Economics suggests that the balance should favor the latter more heavily than the former, but we can temper the massive social disruption that unbridled globalization unleashes.