Re: Trade policy

["Henry C.K. Liu" <hliu@xxxxxxxxxxxxxx>]

I have read a couple of the papers and find that they are exegetic
exercises to substantiate what by now is obvious to even a layman like
me.  You cannot walk on the sidewalks of any city today without
stumbling on the dead bodies left by globalization and free trade.
There is not need to quote Stiglitz or UNDP reports for evidence.  So
far, this confernce has not said anything new or insightful, nor has it
provided any earth-shaking proposals.

Take the underlying principle of the Program in Markets, Equality and
Democracy (quoted below) under which the conference took place.

"The underlying principle of the Program in Markets, Equality and
Democracy is that, at its most constructive, capitalism produces good
jobs, a rising standard of living, more stable families and a safer
environment. But this is only possible when the market system is
embedded in a legal and ethical system that has popular support. The
stability of the law is crucial, as is the legitimacy of the system
protecting property rights and the regulation of markets when they fail
to produce socially desirable outcomes. Equally important is the need
for a sense of justice felt by all stakeholders, including employers,
employees and consumers. Ethical business behavior, encouraged by law,
is a key first step in establishing this legitimacy.

This vision of a constructive capitalism leads to a number of important
political questions. For example: Why has there been a steady rise in
income and wealth inequality in the U.S. over the past 25 years? What
legal reforms are needed to make market systems better able to attain
such social goals as greater employment creation, more equal educational
attainment, and universal access to health care? What is the proper role
of fiscal and monetary policies under conditions of rising inequality?
Can significant energy conservation be undertaken in a way that does not
thwart economic growth? The activities of this Program are designed to
explore these kinds of questions – pursuing both scholarly research and
public consideration of policy issues."

Even at its most constructive, it is highly debatable and lacking in
factual evidence that on a global scale, capitalism produced good jobs.
 If anything, capitlaism has transformed decentl livelihoods in much of
the Third World into sweatshop jobs. It is also debatable that
capitalism raised the standard of living outside of the G7 economies,
and even with the G7, the standard of living appears to be declining
when measured by health care, education, full employment and job
security. The prison population in the US is at the highest level in
history.  More stable families is a joke.  Two income families are now
standard in the advanced economies, where parents spend on average less
than four hours a day with their children who are all taken care of by
illigal immigrant, uneducated nannies. Divorce rates continue to rise
and single parents are commonplace. As for safer environment, crime,
pollution, terrorism, epidemic diseases, not to mention war is now part
of life. The market system thrives on legal loopholes and downright
fraud and ethics is merely an elective in business school.  As for
democracy, the underlying principle had nothing to say, understandably
becuase spreading demcracy is now a pretext of war.

I rather spend the time on Wagner's The Ring opera.

Henry C.K. Liu




Paul Altesman wrote:
> Paul Davidson writes:
>
> > [When the international capital markets seized up in the Fall of 1998
> > -- I
> > actually was called to the UN in Geneva for a private meeting of finace
> > ministers and central bankers from many countries -- besides the G7 --
> > so that
> > my IMCU plan could be discussed-- and a diplimatic format for such a
> > proposal
> > be arranged. Unfortunately, while some were working on the diplomatic
> > format,
> > the world was able to muddle through -- and the proposal was abandoned.]
> >
> >
> > But, of course, why should we discusss such sensible proposals -- when
> > there
> > are esoteric papers presented at the New University .
> >
> >
> >
> > Paul
>
>
> These are not my papers nor my conference, but I really urge you try to
> actually READ the papers before characterizing them.  Some were just
> posted at:
> http://www.newschool.edu/cepa/events/globmyths03.htm
> the rest will no doubt be available shortly.
>
> You will note that many of the authors drew heavily on their experience
> as serious players in decades of meetings on Lac Leman (not to mention
> at the Bank and Fund) including as key advisors, U.N. and World Bank
> officials, and senior government players.  I know it is rare to find
> people who have spent many years in both worlds but they do exist :-)
>
> Paul A.