Interesting front page article in Wednesday’s Wall Street Journal about how one of the leading free trade advocates is now repenting. The article, Pain From Free Trade Spurs Second Thoughts (paid subscription; no link) quotes “Princeton University economist, former Federal Reserve Board vice chairman and perennial adviser to Democratic presidential candidates” Alan S. Blinder (ironical name) as saying in 2001, “Like 99% of economists since the days of Adam Smith, I am a free trader down to my toes.”
Now, Blinder is singing a different tune: “…he is saying loudly that a new industrial revolution — communication technology that allows services to be delivered electronically from afar — will put as many as 40 million American jobs at risk of being shipped out of the country in the next decade or two. That’s more than double the total of workers employed in manufacturing today. The job insecurity those workers face today is ‘only the tip of a very big iceberg,’ Mr. Blinder says.”
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