Who Needs Balanced Trade? Who Needs a Balanced Budget? eBook Joseph M Firestone
Download As PDF : Who Needs Balanced Trade? Who Needs a Balanced Budget? eBook Joseph M Firestone 
The United States has run trade deficits for nearly 40 years now. Many are convinced that this is the primary factor explaining the migration of “American jobs” overseas, a stagnant economy, and our accelerating levels of inequality. A balanced trade policy, reducing trade deficits to near zero, will, it is claimed, support lower unemployment by keeping “good jobs” here, drive wages up rather than down, be more sustainable, and won't contribute to a collapse of the global economy.
But, there is an important truth of macroeconomics to be considered. “Exports are real costs; and Imports are real benefits.” So, the issue is, would we rather send fiat money to other nations and add to our real wealth in return, or would we rather add to their real wealth and get their fiat money, or our old fiat money back in return? Other things being equal, we'd prefer the first alternative rather than the second trade deficits are better than trade surpluses, at least in the short run.
Other things are not equal, however, since if the Government running trade deficits does nothing to compensate for their shorter and longer-term effects, then these will create a political reaction de-stabilizing any trade policy resulting in continuous trade deficits. However, their negative effects can be avoided without implementing “balanced trade” as a continuous policy. How that can be done is the subject of this book. It looks at trade policy in the broader context of budgetary and fiscal policy, and the relations among the foreign, domestic private, and government sectors of the economy. And, since the trade balance impacts the private sector and the government balance, it argues for an integrative view of trade and fiscal policy in relation to public purpose, and also proposes changes to Government institutions to facilitate integrated trade and fiscal policy.
The book analyzes and critiques Free Trade Policy; Balanced Trade Policy (including Warren Buffett's proposal); three types of Fair Trade Policy; Trade for Public Purpose Policy; Impact Assessment for Trade Policy; Balanced Budget Fiscal Policy; Deficit Neutrality in the Long Run Fiscal Policy; Budgeting for Public Purpose Fiscal Policy; A Holistic Approach to Trade and Fiscal Policy; and A Critique of the Current Trade Deals. Finally, the concluding chapter presents the book’s many conclusions, including some about the pending trade deals being negotiated by the Obama Administration, and an agenda relating fiscal and trade policies to public purpose. That agenda calls for much larger levels of deficit spending by the Federal Government than we have now, and it contends that continuous budget deficits are both necessary and desirable for the foreseeable future.
Who Needs Balanced Trade? Who Needs a Balanced Budget? eBook Joseph M Firestone
Excellent. Strongly recommend it! Creates an urgently needed alternative to the current failed paradigm, one that integrates trade policy and fiscal policy. Firestone's new paradigm shows how to evaluate pending trade treaties such as the TPP and TTIP and why they should be rejected before they violate virtually every signatory's sovereignty.Product details
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Who Needs Balanced Trade? Who Needs a Balanced Budget? eBook Joseph M Firestone Reviews
Excellent. Strongly recommend it! Creates an urgently needed alternative to the current failed paradigm, one that integrates trade policy and fiscal policy. Firestone's new paradigm shows how to evaluate pending trade treaties such as the TPP and TTIP and why they should be rejected before they violate virtually every signatory's sovereignty.
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