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Increased technology reduces jobs in that sector but not in the entire
economy
o Uses the hot dog and bun example
We can have too little demand but we can fix this by printing more money
Globalization, producing for the world market, has helped every 3 rd world
country
The newly globalized countries may still have horrible conditions, but theyre
better than they once were
Critics say globalization destroys culture
Whole thing discusses an ad the Turning Point Project put out about cultures
being destroyed
o Was targeted against the World Trade Organization
Krugman ends by saying not everyone is against modern conveneience. We
shouldnt revert back to the way things are, its all a matter of personal taste
Krugman Bahtulism
Forcing labor standards would create an elite labor class in third world
countries
Standards would make labor more expensive and we wouldnt want to
produce in third world countries anymore
Moved to fair trade rather than free because those who benefit from
protections are being listened to more
Even though there is free trade, that does not mean prices become equal.
Specialization keeps the prices different
Protections allow for expensive producers to survive
Protecting oe industry hurts others because thye might sell their product to
those industries to make a larger product
If we restrict imports, the dollar appreciates and exports are less desirable
Trade adjustment assistance is given by the government to workers who have
their jobs taken away due to trade
Tariffs give money to the US government but we seem to prefer quotas.
Quotas would be better if we auctioned off quota rights