Psy
8th May 2008, 22:10
So I ran across Glen Beck had Fareed Zakaria as a gust talking about free markets The Rise of the Rest (http://www.youtube.com/watch?v=__JhUS7PtCc).
After watching I have to say they both must have failed history.
As economist Ha-Joon Chang (http://www.youtube.com/watch?v=T5-ojv5-b3U) points out Japan and the USA got big through protectionism and regulations which came from German economic theory. Farred Zakaria reference to Japanese car companies is ironic as they were hugely subsidized by the Japanese state through taxes.
They also both ignore that Americans are not relocating to these booming economies because they are booming economies because they have lower living standards thus cheaper labor costs. Glen Beck and Fareed Zakaria completely miss the point, Americans workers don't want to have their living standards clawed back of course suits like Glen Beck and Fareed Zakaria are alienated from the working class.
After watching I have to say they both must have failed history.
As economist Ha-Joon Chang (http://www.youtube.com/watch?v=T5-ojv5-b3U) points out Japan and the USA got big through protectionism and regulations which came from German economic theory. Farred Zakaria reference to Japanese car companies is ironic as they were hugely subsidized by the Japanese state through taxes.
They also both ignore that Americans are not relocating to these booming economies because they are booming economies because they have lower living standards thus cheaper labor costs. Glen Beck and Fareed Zakaria completely miss the point, Americans workers don't want to have their living standards clawed back of course suits like Glen Beck and Fareed Zakaria are alienated from the working class.