Greg Mankiw's Blog: Wise Words on Trade

Greg Mankiw's Blog: Wise Words on Trade

"Globalization is paying off for the United States just when we need it. Our traditional strategy of helping other countries, especially in the developing world, strengthen their economies is redounding to our major benefit. Our continuing effort to correct the huge trade and currency imbalances is paying large dividends. The trade liberalization of the past 50 years remains incomplete but has opened markets that our firms and workers can exploit. Efforts to derail the integration of the world economy in the face of current developments would be contrary to U.S. national interests. We should be making new compacts to reduce barriers as rapidly as possible rather than fearing to implement those already negotiated, such as the free-trade agreements with Colombia and Korea that are languishing in Congress."