Warning Rant begins:-
Maybe we should throw away our old economics textbooks.
They were written in far different world (19th and 20th centuries).
The principle of comparative advantage has been replaced by another economic model.
China is manipulating its currency aimed at rendering advanced economies uncompetitive in the Chinese market. Plus brazen regulations in China which are overt protectionist policies.
The Chinese are economic nationalists.
The rise of capitalist ideas in China, opened the world's eyes to cheap but dependable
labor, and doomed European and American manufacturing.
It's like we woke up one morning and found not only manufacturing jobs were gone, but those jobs were not coming back. The whole economic well-being and future swept away by a tsunami of economic principles based on 'The end justifies the means'.
The world has changed. Keynesian, Friedmanesque, classical economics no longer work.
'The end justifies the means' economics, as practiced by the Japanese, South Koreans and Chinese is the new economic model.
The world learned from us for more than a century.
Now It's time we learn from the rest of the world. Nationalistic protectionism and a buy
British campaign.
Rant over.
That feels better.
