Revisiting Ricardo
Michael Pettis is a Beijing-based associate of the Carnegie Endowment for International Peace. In a New York Times essay in the wake of Biden’s recent trade restrictions, former Obama administration official Steven Rattner made a plea for the return of the US to a global system of comparative advantage. Tariffs and other trade policies, he argued, violate the principle of comparative advantage, and anyway Americans are better off if they can buy the cheapest foreign products available.
In that case, while Germany can expand production of both textiles and glass, and sell the part it cannot consume to Spain, its expansion will come at Spain’s expense. In other words, Germany will use its exports not to pay for imports from Spain, but rather to force the consequence of its weak domestic demand on to the Spanish economy. While this would leave German businesses better off, it would leave German and Spanish workers and Spanish businesses worse off.
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