Note to Self: Why Donald Trump's attempt to make trade policy his arena for rescuing America's white want-to-be-blue-collar workers will fail:
Brad DeLong started by alluding to Indian philosophy. I will start with Chinese: The philosopher says: 'When the wise man points at the moon, the fool looks at the finger'. Market capitalism is the moon. Globalization is the finger...
Whether you think the problem with market capitalism is income stagnation coupled with in adequate social insurance on the one hand, or a Polanyian disruption of expected life paths and chances on the other, Pascal Lamy is right in saying that it is a problem with market capitalism, not with trade and globalization.