Obama To Democratic Trade Critics: 'I Take That Personally'

[pampango]

18. I largely agree but I don't think globalization cannot be reversed. I have heard Krugman refer

to the period before WWI as a "mini-globalization" era with lower tariffs and more trade than in previous eras. Woodrow Wilson had lowered tariffs before the war and vetoed tariffs increases passed by congress after the war.

Republicans Harding, Coolidge and Hoover took the 'globalization' bull by the horns in the 1920's and raised tariffs repeatedly. Other countries responded in kind and trade dropped off dramatically. Essentially the era of 'globalization' had ended through force of political will. Harding, Coolidge and Hoover proved that it could be done. FDR came along and reversed their policies but that is a different story.

It may be more difficult for that to happen now with technology, travel and communications being much different than they were in the 1920. But I would not bet that history cannot repeat itself if the right chain of political events happens.

I wonder what would happen if TPP had existed for 20 years with strong labor and environmental standards and a proposal came along to ditch it in favor of 6 bilateral FTA's with no such standards and to leave trade with the other countries to be governed by the WTO which is not known for such strong standards? Are we resisting change and the inherent unknowns that go with it or taking a stance based on the policy itself.