Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-10-Speech-3-051"
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"en.20101110.14.3-051"2
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"Mr President, on the agenda of the TEC meeting in December will be removing trade barriers, which is a sacred aim among globalists that owes more to faith than to reason. Economic theory never tires of telling us that international trade makes the world as a whole richer. It is more reticent about telling us whether or not everybody in every country benefits.
The problems that the developed world faces are not too many trade barriers, but too few. That is, too few barriers against products from emerging countries such as China, with its low wage rates, grossly undervalued currency and its artificially impoverished home market. This means that Chinese goods, which are already low priced because of low wages, become artificially lower still because of the low value of its currency. The impoverished home market means that there is negligible demand for consumer imports and even insufficient demand for Chinese goods, making China completely dependent on its export trade.
Europe responds to this threat by saying it will become more competitive, perhaps by research and development. This might be a possibility if China respected international intellectual property rights. However, as soon as a novel improvement is developed in the West, China quite ruthlessly and without any shame copies the product and produces it at a fraction of the price. On the agenda of the EU-US summit will be increasing jobs on both sides of the Atlantic. Some hope of that if we continue to embrace globalism."@en1
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