Thursday, December 15, 2011

Channeling Thomas Jefferson to Understand Modern Class Warfare

 This post will take us onto historical and contemporary economic ground.

The historical economic ground we traverse is captured in the following quotation from Thomas Jefferson, third President of the United States of America.
"Merchants have no country. The mere spot they stand on does not constitute so strong an attachment as that from which they draw their gains."
Thomas Jefferson
Jefferson's words illustrate America's continual struggle against the divided loyalties of businesses whose profits are fettered to foreign sources.  

Fast forward to today and we have Dean Baker offering us a look at the same subject through the lens of contemporary class warfare, American businesses' foreign operations, and U.S.-China trade policy.  

Baker emphasizes the fact that a weak dollar versus China's yuan is in the interest of American workers and in creating manufacturing jobs in the United States. Conversely, he views trade policy focused primarily on patent and copyright infringements as doing very little for the 99-percent while providing outsized benefits for the one-percent.  Additionally, negotiating trade policy so that America's too-big-to-fail banks can operate in China will not create jobs in America.

You can read more of Baker's comments at Truthout.

Baker, Dean. "US-China Trade Policy and the Class War in the US." Truthout 12 December, 2011.

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