The term "free trade" has to be one of the most abused names currently being used. It paints a picture that is at best only half true. The US, especially with Republicans, always rolls out this line when there happens to be one special interest group or another who wants to crush a world market. Under the banner of "free trade" they wipe out a market, such as the cotton market in Africa, and then march forward with one less competitor. Isn't capitalism great and aren't those poor countries freeloaders?
Using the example of cotton, thanks to taxpayer sponsored welfare for millionaire farmers in the US, they can sell well below the cost that local African producers can offer so it's impossible to make money. Out go jobs and money, forcing people to reach out for financial aid from foreign governments. In the US when China or other countries do this in steel, for example, we call it "dumping" and it's considered very bad if not illegal. Countries like the US or Europe have much deeper pockets and can afford to take legal action. The incoming millions and billions never quite trickles down as various people grab a piece. Is that bad? Of course, but let's not kid ourselves into thinking this doesn't happen in the US. Even when the US government is supposed to be monitoring US taxpayer money in Iraq, we end up with billions missing.
Our model for assisting countries (and people) in need is never going to be perfect and will always change. At the moment, it's increasingly obvious that the current model is in desperate need of change. It is possible to help poor countries without always throwing cash and expecting results. The problem now is that the West still wants to preach "free trade" rubbish instead of instituting fair trade policies.
The agony of Fox Business
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The economy just refuses to punish liberals and reward conservatives the way
it's supposed to.
35 minutes ago






