Political Economy of Free Trade Essay

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If good jobs are outsourced as a result of those same agreements and consumers are forced to take lower-paying jobs, there is no net benefit.

Furthermore, when producers benefit, the trade deficit improves. The current trade deficit is a good example. Consumers have benefitted the most from the current trade agreements. Agreements that give China most favored nation status, for example, allow for Chinese goods to be imported at low prices due to that nation's cost advantages. The result, however, is a massive transfer of wealth to China. As the country that is doing the manufacturing, they are adding the most value to the products.

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Therefore, they are reaping the benefits. Consumers may appreciate lower prices, but they are contributing to the net outflow of wealth from American. Worse, when they do it on credit, they are essentially building economies all around the world, to the detriment of their own. Yes, free trade does help build wealth in some sectors, and those sectors may well be more lucrative than the ones where we lose wealth, but the increasing trade deficit tells another story. If the government placed priority on the interests of producers when negotiating free trade agreements, that net outflow of wealth would be staunched.

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