Bay Street economist-turned-author Jeff Rubin thinks so – and his new book, The Expendables, says it’s about time
When the Economist published its recent cover story proclaiming globalization dead, it represented a defining moment for the world order – and Jeff Rubin felt vindicated. The former Bay Street economist, and bestselling author, had already penned his new book,. It’s a title that had grown out of two articles he’d published as a senior fellow at the Centre for International Governance Innovation and had led him down a years-long research path.
Most research institutes and most academic economists will tell you that free trade is unambiguously good … And they are right … GDP will be smaller under protectionism than it will be under free trade. The question is, why do you [care]? The presumption is, of course, that if GDP increases, everybody’s livelihood is better. Neoclassical economics has always recognized that there would be losers from free trade.
It’s considered a truism that Trump tricked ‘the expendables’ into voting against their own interests. But you are arguing the opposite in this book. He has taken up their cause, when no one else gave a [damn]. It’s ironic that a gold-plated billionaire … having never worked a day in a factory, should not only pick up their cause, but do it with a fervour and gusto that’s brought the WTO to its knees.Story continues below advertisement
Absolutely. Can Chrystia Freeland say the same? Take the recent NAFTA negotiations. If you ask Freeland, “Whose interests were you representing?” Particularly with the auto provisions. She’ll say, “Canada’s.” But whose interests are Canada’s? Are the interests of the few remaining Magna workers in Ontario Canada’s interests? Or are the interests of the Magna shareholders Canada’s interests? Because if I am a shareholder in Magna, I want every job possible moved from Ontario to Mexico.
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