How to rescue the WTO

From here: How to rescue the WTO - excerpt:

The fact that the EU and China are talking hard about World Trade means that they are fearful of Donald Dork's headstrong attitude towards America's external trade. As if he can really do anything about it. (Congress can defy the president by subverting his increased import duties by a uncontested majority vote to do so. Mission Impossible? No. Mission Improbable? Yes.)

What he has accomplished is to protect some American companies who will find a reaction from America's trading-partners. Retaliation will be taken in the form of either (1) higher import taxation or more likely (2) unit-number limitations for their exports into major US export-markets, which are Canada, the EU and China.

From here off the Internet:

My Point: It was said from the get-go just before the election. The guy is mentally deranged by narcissism. He should never have been elected. He cannot and will not listen to anybody. Except maybe, exceptionally, Congress.

Which could boot his backside out of the White House ... !*

*Don't believe me? See here, from Vanity Fair: DONALD TRUMP IS NO LONGER HIDING HIS IMPEACHMENT STRATEGY

 

Wait, wasn't the Left violently protesting the WTO in 1999?

What happened? Short memory?

This is so Orwellian.

 

The author of the OP isn't left wing. Like Blairites, he just uses the social democrat tag to justify a centrist 'do nothing' position. You'll find that he is highly reliant on neoliberal publications such as the Economist.

The WTO is not fit for purpose. Its got worse with the likes of the EU and their obsession with forming further preferential trade agreement. What we really need is what was originally proposed (and stopped by the US, ensuing post-WW2 dominance of GATT): an International Trade Organisation which has economic development as its core function.

 

So what? That was in another time and another economic context.

The Great Recession changed outlooks everywhere; besides there's a new player in the game. So, a whole new set of rules are necessary.

His name is China ...

PS:I use to frequent the WTO in Geneva. It has a nice library. But the attitude is sooo ... uh, "Swiss". As if the world were on some other planet and they were on Swiss-time. Nice job, good pay, nothing much to do.

 

I'm surprised it didn't shift attitudes the other way.

So ironic.

 

Stalin Mao IMF WB had economic development as a core function. What we need is free trade, capitalism, and Christianity which are the building blocks of freedom and sustainable rapid economic growth

 

You continue to make no sense. The IMF and World Bank, via the Washington Consensus, actively harmed development as they coerced idiotic market fundamentalism on poor countries.

 

Maybe true but he's still better than a liberal and has 4% GDP, more blacks and women employed than ever, plus peace with N Korea, plus teaching Europe to contribute to their own defense, plus huge sanctions on Russia. Do we really need a sane liberal who will do nothing like Obama did?

 

yes Stalin Mao IMF WB had growth as a goal but all failed thanks to libcommieism

 

Repeating the nonsense doesn't make sense either. Russia and China would use industrial policy that the WTO and co condemn. The IMF and World Bank actively harmed economic development by demanding the stupidity of market fundamentalism

 

Russia China IMF WB all failed because they did not use Christian Republican Capitalism. IMF WB failed specifically because they made giant welfare loans that were never paid back. Read Easterly if you'd like to begin your education in this area.

 

There is no such thing as "Christian Republican Capitalism". It is a cretinous creation that only makes you look silly.

 

there is such a thing as Christian Republican capitalism!!

(this is a liberals idea of debate)

 

Refer me to one economist who uses the term. Good luck!

 

i didn't say economists use the term so how on earth would I refer you to one???

 

So you use the term, but zero economists do? Why would that be?

 

I'm not surprised.

Contrary to the Conventional Wisdom of most people, who dislike "change" with a passion, I figure it is a fact of life that we have to contend with.

The world's pattern of trade is wildly different from what it was after the war and up to the demise of Communism in both Russia and China. It was bound to change.

China found its natural predominance in the production of goods because of cheap labor - that is not that cheap any more. And is being hounded in that sector by other far-east countries. That's the New Way of the World ...

NB: The real curiosity is why mankind continues to believe that there is no reason whatsoever for the world to change and the status-quo is best for every one. How boring a notion ...