Excellent video. I still can't figure out how you aren't getting many more views. Informative and entertaining is generally a winning combination on UA-cam.
Free trade advocates claim that free trade reduce the cost of goods by importing from places with cheaper labor costs, but it also puts downward pressure on wages as local workers are now competing against foreign workers. You might think that this balances out, but there is one thing that cannot under any circumstance be imported... land and real estate. This creates a situation like we are currently in where wages are to low for home ownership. Additionally - I am not so convinced that free trade always results in cheaper prices for the consumer. From my own anecdotal experience it seems that the prices on goods once moved abroad to be manufactured stay the same. Companies will continue to charge whatever the consumer is willing to pay for their product regardless of the underlying cost to produce that product. My own company I work for has a plant in MX, and a plant in US. Both charge about the same amount for the same products, but MX workers are paid 1/3rd the amount of our U.S. employees. Also, from the point of view of free trade advocates trade deficits are not a big deal. They are a VERY big deal though. If you have more money going out than coming in you will eventually run out of money. The only way you don't run out of money is if you have the ability to print more money. Trade deficits are only sustainable if you debase your currency which robs all of us of our wealth.
I came here from Dan Mitchell's blog. These are surprisingly weak arguments for Free Trade. None of them stand up to scrutiny and I'd also liked to have seen the "world trade over the last 70 years" chart overlaid with a chart of US wages per capita among the working class during the same period. The problem with Free Trade is that it benefits the middle and upper classes at the expense of the working class. Cheaper goods are great, but not so much when all the relevant manufacturing jobs are exported. Free Trade must look great if you live on the East or West coasts - not so much if you live in the rust belt.
The number one problem is we have basically unchecked immigration. Instead if the richest countries barred the developing country's people from immigrating to them, then those countries would have no brain drain, and grow quicker to improve the economics for everyone.
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Excellent video. I still can't figure out how you aren't getting many more views.
Informative and entertaining is generally a winning combination on UA-cam.
Great video. Commenting to help with algorithm.
Wow the quality of this video was wayyyy higher than I’d expected! You guys deserve a larger audience
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Thanks for the content.
Free trade advocates claim that free trade reduce the cost of goods by importing from places with cheaper labor costs, but it also puts downward pressure on wages as local workers are now competing against foreign workers.
You might think that this balances out, but there is one thing that cannot under any circumstance be imported... land and real estate. This creates a situation like we are currently in where wages are to low for home ownership.
Additionally - I am not so convinced that free trade always results in cheaper prices for the consumer. From my own anecdotal experience it seems that the prices on goods once moved abroad to be manufactured stay the same. Companies will continue to charge whatever the consumer is willing to pay for their product regardless of the underlying cost to produce that product. My own company I work for has a plant in MX, and a plant in US. Both charge about the same amount for the same products, but MX workers are paid 1/3rd the amount of our U.S. employees.
Also, from the point of view of free trade advocates trade deficits are not a big deal. They are a VERY big deal though. If you have more money going out than coming in you will eventually run out of money. The only way you don't run out of money is if you have the ability to print more money. Trade deficits are only sustainable if you debase your currency which robs all of us of our wealth.
I came here from Dan Mitchell's blog.
These are surprisingly weak arguments for Free Trade. None of them stand up to scrutiny and I'd also liked to have seen the "world trade over the last 70 years" chart overlaid with a chart of US wages per capita among the working class during the same period.
The problem with Free Trade is that it benefits the middle and upper classes at the expense of the working class. Cheaper goods are great, but not so much when all the relevant manufacturing jobs are exported.
Free Trade must look great if you live on the East or West coasts - not so much if you live in the rust belt.
Awesome video!
Why not pay more and cut choices...... Because trade creates wealth.
“You never go full Vermont” 👍🏼
The number one problem is we have basically unchecked immigration. Instead if the richest countries barred the developing country's people from immigrating to them, then those countries would have no brain drain, and grow quicker to improve the economics for everyone.
What are you on about? This video is about free trade
@@dannylive3000 I'm talking about what is the problem, how this video says it's not free trade.
I will pay more for American made if it is better quality.