Trade Liberalization: Fears and Facts

Examining the often-expressed concerns about trade liberalization, the authors assess both the facts and common perceptions underlying the issues. Research shows that some popular concerns about trade are factually based, but others are less well supported or arise from apparent misunderstandings of the way international markets work. This form of presentation both highlights the current divergence of views and demonstrates the extent to which either new research or better public dissemination of existing research might lead toward greater consensus. The authors examine seven often-expressed concerns about trade liberalization to assess both the facts and common perceptions underlying the issues. Trade's effect on manufacturing jobs Trade's effect on wage and income inequality Trade deficits U.S. economic exposure to foreign-market instability The threat to sovereignty Trade's effect on the environment Health and safety After briefly summarizing the concerns raised in each area, the authors review a large body of recent economic and legal literature. Plain statements by advocates of a particular position on an issue appear alongside discussion of more formal economic or legal analysis of the same issue. This form of presentation both highlights the current divergence of views and demonstrates the extent to which either new research or better public dissemination of existing research might lead toward greater consensus.

Review :
"This succinct volume should lay to rest many of the fears and misconceptions that influence the U.S. trade debate. It is an excellent resource both for people new to trade as a policy issue and for those already in the debate who need a clear, factual statement of the case for liberalization. The long experience of its authors in the trade policy field shows through at every turn."-Francis Fukuyama Author, The End of History and the Last Man "This volume goes to the heart of the current debate on trade policy, not just in the United States but throughout the world. What debate on globalization has too often lacked is the sort of thoughtful attention to the underlying currents that this analysis provides. It is cogent, timely, and bound to have a positive effect on the shape of the debate to come."-Grant Aldonas Former Chief International Trade Counsel, U.S. Senate Finance Committee "With so much misinformation and misunderstanding about the benefits of trade liberalization, it is refreshing and essential to have a guide to the facts about this important issue at a critical juncture as a new administration and Congress come into office. This guide meets and exceeds the test. It should be invaluable reading for all those concerned about how to improve the economic welfare of consumers and of our country."-Robert E. Litan Vice President and Director, Economic Studies Program, The Brookings Institution ?[p]rovides a valuable introduction to some key issues in the trade policy debate and, most importantly, it accomplishes this introduction with brevity.?-Faith and Economics "Ýp¨rovides a valuable introduction to some key issues in the trade policy debate and, most importantly, it accomplishes this introduction with brevity."-Faith and Economics "[p]rovides a valuable introduction to some key issues in the trade policy debate and, most importantly, it accomplishes this introduction with brevity."-Faith and Economics