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View Diary: Where Adam Smith Was Wrong (121 comments)

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  •  Can't fault Smith for not seeing (0+ / 0-)

    ...that improved transportation and international commercial law dramatically lowered risks for shippers to the point where domestic transportation costs and overseas transportation costs are comparable on a per-mile basis (oceangoing costs now being cheaper).

    Better logistics has made possible multilateral trade just to produce a single product, with some factors of production being situated in different nations.

    The global economy is beyond any one government's management--and that has become a problem instead of the boon that it appeared twenty years ago.

    Any actions taken to make the economy of the US improve must take into account the rest of the global economy.  There is no way that any country can insulate itself from the global economy without seriously harming its own economy.

    That has profound implications for environmental standards, labor standards, commercial law, accounting standards, product safety standards, consumer protection standards, and corporate involvement in politics.

    50 states, 210 media market, 435 Congressional Districts, 3080 counties, 192,480 precincts

    by TarheelDem on Wed Jan 11, 2012 at 01:30:25 PM PST

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