Monday, November 15, 2004


Politics and Economics

Can national politics be removed from global economics, as the above suggests? For example the US administration is being asked to stop further liberalisation of trade in textiles.

"The American government is under pressure from its own manufacturers to stem a potential flood of Chinese imports. . . A big trade row seems inevitable. American manufacturers want their government to maintain 15 of the 91 quotas that expire at the end of the year-including those for trousers, shirts, sheets and underwear. They also want to keep limits on imports of three products-bras, dressing gowns and knitted fabrics-for which quotas were lifted in 2002 and the "safeguards" subsequently invoked."

In fairness though, America and Europe are already suffering big job losses because of foreign exchange shenanigans, which are designed to make the currencies of their trade competitors very competitive. In the absence of an effective refereeing system, we're getting all-out economic war!

Incidentally, the UK chairs the G8 in 2005.

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