Free trade brings wealth; not everyone feels the benefit | the big issue
by Guardian Staff from on (#228XB)
Unequal distribution of the fruits of a globalised economy led to the crash of 2008 and will inevitably bring further catastrophe
Will Hutton argues passionately and (for me) convincingly that free trade makes for greater wealth creation and protectionism will cause growth to slow down ("Trade is the lifeblood of humanity", Comment). He's obviously right; the move towards increasing global trade has created wealth, especially in China, and we should be glad that it has raised millions of people out of poverty.
However, he doesn't acknowledge the problem of distributing the wealth thus created. The world is awash with money but it has been very unequally distributed. Possession of so much money by people and institutions who can't possibly use it has created serious instability.
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