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| 2008/10/14 00:00

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.

OP-ED: Dear 44: Wealth for all

Average household income in 2007 was below its 1999 peak while the pre-tax income of the top 1 percent now equals that of the bottom 48 percent (up from 26 percent in 1979).

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.

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