Mad about Trade

Book excerpt: Politicians and pundits can rage against free trade and globalization, but much of what they convey is myth says the author. He argues that free trade is good for the American family. Among the benefits he discusses are import competition that provides lower prices, greater variety, and better quality, especially for poor and middle class families. Driven in part by trade, most new jobs are well-paying service jobs. Foreign investment here has created well-paying jobs, and investment abroad has given United States companies access to millions of new customers. Trade helped expand the global middle class, reducing poverty and child labor while fueling demand for U.S. products. The author also looks at how the past three decades of an open global economy have created a more prosperous, democratic, and peaceful world.