Some Thoughts on Trade
The principles of free trade must also be balanced with the insurance of well-being within the given society. Jobs will be lost as a result of trade and since the free market will not likely provide opportunities for retraining, it would behoove the government to ensure effective training programs to help people transition to new jobs that are more valuable in the context of the given global market economy. This must also be done while ensuring that wages are not left to stagnate for the sake of businesses’ profits or executive compensation, which will ultimately cheapen the any bargain from the perspective of human society and prevent meaningful growth, health, and improved well-being from manifesting in the given society. With these two caveats in mind, free trade, indeed, does ensure a certain degree of improved quality of life by making goods cheaper to the general public. However, without jobs, there will be no room for people to afford the cheaper goods and without the insurance of fair wages, all of the benefits will go to the top executives and shareholders at the expense of the general public that the deals were intended to help. There is also the issue of national defense which has to be considered when making calculations in trade deals, as a loss of meaningful manufacturing capacity can make a country by default less sovereign and able to protect itself from those who have manufacturing capacity. The societies in question will have to balance these points when making trade deals that truly benefit everyone in their given societies. Otherwise, it’s just a transference of wealth from the many to the few with no room for advancement and improvement for the many, along with a potentially weakened strategic position in the context of an overall global system.