Politico | 10/14/2008 12:00:00 AM
OP-ED: Dear 44: Wealth for all
Oct 14 -- The old free trade mantra was that all boats were lifted with the rising tide of globalization. But growing evidence – including from economists Paul Samuelson and Paul Krugman – suggests that not all boats are rising and, indeed, globalization is contributing to inequality.
In light of this, collapsing credit markets and the prospect of a deep recession, the public is understandably nervous about further opening up the U.S. market. The next president’s international economic policies must make globalization more inclusive and sustainable with rising living standards for all. As set out in Virtuous Circle, trade agreements (TAs) must include enforceable labor and environmental standards and a new focus on combating climate change. They must also increase opportunities in markets around the world for U.S. industries, services, and agricultural products.
Read the full column here.