Eamonn Fingleton is the author of In the Jaws of the Dragon: America's Fate in the Coming Era of Chinese Hegemony (New York: St. Martin's Press, ). “You cannot hope to bribe or twist – thank God! – the British journalist. But, seeing what the man will do unbribed, there's no occasion to.” So wrote the witty early. There is No Such Thing As 'Free Trade'. The media ignores how foreign protectionism is killing the American economy. November 20, Eamonn Fingleton.
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Articles | The American Conservative
On this measure which screens out inflationJapan and Germany are posting far higher surpluses now than they did as openly mercantilist nations. Yet neither Japan nor Germany has escaped its demographic fate. Their populations now rank as the second and third oldest in the world.
Its current-account surplus last year hit a stunning 8. China has moved from large deficits in the s to a surplus of 1. Putting it politely, eamonn fingleton is difficult to see how the unaided interplay of free markets could have produced such a result.
Remarkably, eamonn fingleton far exceeds any surplus the United States recorded in the era of high U.
But the conditions that produced it were never likely to repeat themselves. Not only were imports discouraged by tariffs averaging about 25 percent, but the trade outcome reflected a unique eamonn fingleton of circumstances caused by World War I.
As the only great power still at peace, the United States found itself eamonn fingleton advantaged.
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The Europeans did not have enough consumer goods for their own people, let alone for export. One way Germany has kept a tight rein on consumption is eamonn fingleton limiting consumer credit.
In sharp contrast to the United States and eamonn fingleton United Kingdom, German regulators have maintained traditional consumer credit restrictions. Japan and China also rein in consumer credit.
About Eamonn Fingleton | Sandcastle Empire
But curbing consumer credit is probably the least of the issues here. Doubtless other policies more strongly influence patterns of global trade, but because they are officially outlawed under trade treaties they have been kept strictly sub rosa. Until fairly recently sourcing inputs from home-country suppliers may have seemed only natural, but in an era when key components and materials can be shipped overnight to the eamonn fingleton side of the globe, questions must be asked.
In many industries, U. By contrast American corporations are remarkably eclectic in their worldwide supply chains, as one would expect if they are behaving in textbook free-market fashion. Is there a eamonn fingleton gun here?
The evidence is mainly circumstantial but in some industries it is pretty suggestive.
Take the passenger jet market. If you want a full-size state-of-the-art jet, you have only two suppliers: The giant German airline Lufthansa, for instance, at a recent count had a fleet that included Airbuses versus just 68 Boeings.
The dichotomy is particularly apparent in newer planes. Lufthansa has never bought any Boeing Dreamliners but has been a top customer for the Airbus A Yet eamonn fingleton has operational advantages that have made it a bestseller among airlines around the world while the A is widely regarded eamonn fingleton a clunker.
Indeed Michael Skapinker of the Financial Eamonn fingleton recently suggested that production would soon be closed down. Why is Lufthansa so loyal to Airbus?
And that policy, strongly mercantilist in intent, favors Airbus. Despite its pan-European image, Airbus is substantially German in its manufacturing operations, with no less than four plants on German soil.
This is partly because it has subsumed such famous German eamonn fingleton manufacturers of the past as Messerschmitt, Heinkel, and Dornier.