Alan S. Blinder Quotes
Free trade is good for all countries but not necessarily good for all peoples in all countries.
Alan S. Blinder, Member, White House Council of Economics Advisors, “The FP Survey”, Foreign Affairs, July / August 2011
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Although aggregate employment has remained relatively stable as global free trade has become the U. S. policy, there has been major employment disruption with some types of people benefiting and others like blue collar manufacturing workers having their entire careers wiped out. Port cities like Seattle, Baltimore have boomed while Midwestern manufacturing cities have deteriorated greatly.
5th Earl of Rosebery. With free trade, there are winners and losers. The advocates observe that overall, there is a great benefit to most countries engaging in free trade, but some sectors of the economy, and some areas and groups of people fare poorly.
This summary of the problem of trying to politically “sell” free trade is as good as anyone has ever said it in America. And the problem and argument has not changed since. Free trade is good for most, but really harms some in specific situations. The beneficiaries often do not realize who they are or how they have benefitted, but those who are harmed generally know exactly how and what the damages are.
Whitaker was right bet at that time his advice was not heeded. When Ireland late in the 20th century finally acted on his advice and eliminated almost all of their protectionism, the economy thrived and not only did the Irish emigration stop, but people began to immigrate to Ireland for the economic opportunity.
Alan Stuart Blinder is an American economist and the Gordon S. Rentschler Memorial Professor of Economics and Public Affairs at Princeton University who served as the Vice Chairman of the Board of Governors of the Federal Reserve System under President Bill Clinton.
