From Alternet, American political economist Robert Reich on free trade:
I used to believe in trade agreements. That was before the wages of most Americans stagnated and a relative few at the top captured just about all the economic gains.
Recent trade agreements have been wins for big corporations and Wall Street, along with their executives and major shareholders. They get better access to foreign markets and billions of consumers.
They also get better protection for their intellectual property – patents, trademarks, and copyrights. And for their overseas factories, equipment, and financial assets.
But those deals haven’t been wins for most Americans.
...
The old-style trade agreements of the 1960s and 1970s increased worldwide demand for products made by American workers, and thereby helped push up American wages.
The new-style global corporate agreements mainly enhance corporate and financial profits, and push down wages.
Read Reich's full article here.
[Vinnie Rotondaro is NCR national correspondent. His email address is vrotondaro@ncronline.org.]
