"The United States has nothing to fear from commercial engagement with the rest of the planet."
Who said this?
Alexander Hamilton, the first Secretary of the Treasury of the United States, and probably the one individual most responsible for the financial and commercial system we have lived under for over 220 years. He went on to say, "The maxims of the United States have hitherto favored a free intercourse with all the worlds. They have conceived that they had nothing to fear from the unrestrained competition of commercial enterprise and have only desired to be admitted to it upon equal terms".
Interestingly, at the start of this United States, there was a fierce raging debate between the Federalists—George Washington, Hamilton, Adams, etc.—, and the Republicans—Jefferson, Madison, and later on Monroe—, on the kind of economic system we should have.
Jefferson, a quasi anarchist, who while in Washington's cabinet actually was a seditionist, met secretly with the French, behind Washington's back, to try and promote his various causes. Washington, always the statesman, tried to get Jefferson to work with the rest of his cabinet. The battle was so hostile that Jefferson later resigned from the cabinet. Jeffersonian doctrine basically held an anti-British tone, but more importantly, favored an agrarian's society (he was a large slave and land holder), versus Hamilton's manufacturing and commerce orientation.
So fierce was this divide that by 1804, while Jefferson was president, a succession and revolt from the union was being secretly plotted—by the North!
I give you this bit of history to point out an obvious fact. This is still the issue!
World Trade Contention Issues are About Your Salary
OK, you are tired of this bit of history, but if you look at the huge contentious issues of today these economic issues rule.
Global trade advocates WTO, IMF, etc., tell the various countries that they have to open up their markets to global price levels. Many of the developing nations are having a hard time with this concept. But let's take it a bit closer to home.
Home Depot announces the creation of ten thousand jobs—great news—with starting salaries at $7.00 to $20.00 an hour. The same basic price for workers in India and China—except that they are doing manufacturing to computer programming at those prices.
If you make $14, 560 a year from Wal-Mart or Home Depot, you are considered at the poverty level in the US. Yet this salary is a bonanza in many other parts of the world.
The discussion is that once China lets their currency float, their prices will go up ... but we think that is a false assumption. First, India and China still have massive unemployment and a huge poverty base. And there would be huge unrest in China (something to be avoiding at all costs) if more of these unemployed are not brought into the working world—at some level. In addition, there are still global labor markets that are still willing to work for less—Vietnam, Thailand, etc.
source
http://www.technologyevaluation.com/research/articles/what-s-your-global-market-price-17570
Who said this?
Alexander Hamilton, the first Secretary of the Treasury of the United States, and probably the one individual most responsible for the financial and commercial system we have lived under for over 220 years. He went on to say, "The maxims of the United States have hitherto favored a free intercourse with all the worlds. They have conceived that they had nothing to fear from the unrestrained competition of commercial enterprise and have only desired to be admitted to it upon equal terms".
Interestingly, at the start of this United States, there was a fierce raging debate between the Federalists—George Washington, Hamilton, Adams, etc.—, and the Republicans—Jefferson, Madison, and later on Monroe—, on the kind of economic system we should have.
Jefferson, a quasi anarchist, who while in Washington's cabinet actually was a seditionist, met secretly with the French, behind Washington's back, to try and promote his various causes. Washington, always the statesman, tried to get Jefferson to work with the rest of his cabinet. The battle was so hostile that Jefferson later resigned from the cabinet. Jeffersonian doctrine basically held an anti-British tone, but more importantly, favored an agrarian's society (he was a large slave and land holder), versus Hamilton's manufacturing and commerce orientation.
So fierce was this divide that by 1804, while Jefferson was president, a succession and revolt from the union was being secretly plotted—by the North!
I give you this bit of history to point out an obvious fact. This is still the issue!
World Trade Contention Issues are About Your Salary
OK, you are tired of this bit of history, but if you look at the huge contentious issues of today these economic issues rule.
Global trade advocates WTO, IMF, etc., tell the various countries that they have to open up their markets to global price levels. Many of the developing nations are having a hard time with this concept. But let's take it a bit closer to home.
Home Depot announces the creation of ten thousand jobs—great news—with starting salaries at $7.00 to $20.00 an hour. The same basic price for workers in India and China—except that they are doing manufacturing to computer programming at those prices.
If you make $14, 560 a year from Wal-Mart or Home Depot, you are considered at the poverty level in the US. Yet this salary is a bonanza in many other parts of the world.
The discussion is that once China lets their currency float, their prices will go up ... but we think that is a false assumption. First, India and China still have massive unemployment and a huge poverty base. And there would be huge unrest in China (something to be avoiding at all costs) if more of these unemployed are not brought into the working world—at some level. In addition, there are still global labor markets that are still willing to work for less—Vietnam, Thailand, etc.
source
http://www.technologyevaluation.com/research/articles/what-s-your-global-market-price-17570