Posted by MarkB_MI on February 17, 2009 at 18:08:56 from (216.234.99.20):
In Reply to: O/T Economy and Trade posted by M Moline fan on February 17, 2009 at 17:41:41:
It's called "protectionism", and it's been tried in the past.
The fact of the matter is that in the end, trade does balance out. A country that is a net importer exports its own currency, devaluing it in the process. Over time, that causes the importing country's goods to be cheaper and the exporting country's become more expensive. If nothing else happens, an equilibrium of sorts will be reached. Of course, the world economy is never that simple, and there are all sorts of things that come along to upset things: wars, fuel shortages, labor problems, etc.
Now the situation with China is that they have artificially devalued their own currency in order to preserve their exports. If they weren't allowed to do that and get away with it, our trade imbalance with China would be much less.
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