@rocksiphone free trade means we exploit the fact that china has low wages and abundant labour. USA will benefit from this with cheap labour intensive goods. China will benefit from USA's abundant capital and low prices of capital. Thus free trade works great for both countries, even greater for USA probably. Since USA based firms for instance have superior management over China, some labour intensive USA MNE's are able to compete with China even though they don't have the cost benefit.
Interesting to see some of the aggressive comments about defending home markets. While free trade maximizes world welfare, it indeed comes with some undesireable consquences. Hence tariffs are generally implemented even though it lowers welfare. This is for several reasons:
Free Trade is not free, it comes at a price. In the United States Free Trade destroyed American Jobs, it contributes to the recession remininicent of the Great Depression. Free Trade is not balanced Trade it is an unequal distribution of goods imported from cheap labor countries in exchange for the Domestic wealth. United States Census bureau - U.S. Trade International trade in June 2010 running a -49.9 BILLION dollar defict up from Mays report of -42.0 Billion Dollars. We need Tariffs today!
@teagar3 Ok, if we close US borders to all imports, by your logic all Americans would be employed and everyone would be wealthier, correct? The more one engages in freer trade the more prosperous they'll be. The more we move towards protectionism the worse off we will be. When we import we send dollars overseas that must come back, thus the balance of payments always balance. It comes down to what you include in it. Look at what the Smoot Hawley tariffs did to America during the depression!
All capitalist countries are protectionist! America makes no exception. Under Capitalism protectionism is a wholly CAPITALIST policy because it shields domestic capitalist from foreign competition. Protectionism and big business go hand in hand.
This is all Bull. Free Trade Destroyed all manufacturing in the United States which was the back bone of our country. Free Trade put millions out of jobs. Americans cannot compete with Slave Labor. We need tarriffs to bring back manufacturing. How could anyone in their Right Mind say Tarriffs will hurt us?
@rocksiphone Protectionism economics is a disproven theory. It was disproven at the turn of the 20th century. Economic growth is aborted if trade taxes are installed.
@ToaJoe Hmmm, well Free Trade does not seem to work either right? So I would vote for Higher Tariff's, I mean we can't lose because we are going down the tubes anyway
@rocksiphone Free Trade works fine. Low prices for food means more people able to get into work, which means economic growth. Protectionism is anti-growth. You may be free from foreign import taxes, but you increase the price of food and goods at home. That is why, in the early 1900's, Tariffs were know as 'stomach taxes'. I think you're mistaking free trade with untamed capitalism, which is flawed.
@rocksiphone You can't compare the Chinese economy to the USA one in that way. And the USA is not massively pro-free trade. Part of the reason you suffered so badly in the great depression was due to the tariff walls you placed around yourselves.
TRADE From 13th Century Latin trādere "to surrender. Later adopted to mean "the buying and selling of goods according to the rules/market controlled by the company" as it applied to the Dutch East India company and later the British East India Company. The meaning of trade has always been the forcing of the other party to "surrender" to your terms and never about fair or open markets.
Free Trade IS Protectionism. Fair Trade is achieved by Tariff on Importers from slave states.
Free trade opens the borders for a richer economy in a developing country. the BRIC countries are thriving from free trade while jobs in the US are being globalized. Its the very definition of big businesses. Make cheap sell high earn profit.
Once you bring in free trade, they destroy an economy, cause all the others connected to it to go into disarray. Forcing them to take out loans from the international banks, who caused the problem intentionally. Once they have these nations into the debt trap, they force them to join empires, such as the EU.
Go back to fairy land, have seen what's going on in the economy today? With all the bailouts?
This is because of free trade! Free trade left a huge weakness, and the international banker's hit their hammers onto their weakness and bang! now they have all the nations of the earth at their mercy begging for socialism, begging for fake money.
As much as I enjoy debating with crazy people I'm begining to tire of this. Can you actually shwo any evidence for your idea of this organisation who you speak of which wishes to "to control a huge amount of land and people from one central point. "???
It's globalization, destroying the borders, destroying nations, destroying national banks, and centralizing banking, creating empires like the European Union. Free trade are tools of theirs to destroy other nations. Like bringing in a virus into your country! Main goal is to control a huge amount of land and people from one central point.
Free trade is Marxist ploy supported by the banks and the controlled media to undermine the Independence of nations. This gives them less control of their economy's and also leads to massive unemployment if they can't compete with other nations and also cause's alot of c02's because of all the transport of goods. This also sends business off shore to make cheaper goods with other country's. Makes the richer richer and leaves country's to be forced to take out loan's from Marxists Banks
You clearly haven't got a basic grasp of fundamental economics. Also your strange use of the word marxist implies you have no idea what it is, given that free trade is a capitalist notion.
There is internationalist communist conspiracy. The workers of the world unite. Free trade undermines the nations independence, it undermines the nations control of the economy. If one country is effected, then most are effected, if you don't have free trade, and are independent, you don't need to worry about these issues.
I am a Newcastle University student, and your videos have been very helpful to me. By the way, i love the environment Greece, olive trees, wind. I am sitting in the library and it is raining outside, but watching this video makes me feel happy.
If the free trade between countries is not fair, then one of those countries has to establish protectionism because this is how you keep your own firms not making losses.
I am for Free trade, if it is fair trade. I am against free trade with a protectionist partner who would screw me with a trade deficit. Some prtectionism is not bad, so long as it is executed in a smart manner and does not promote wastefulness.
Well, 'fair' trade is in essence protectionism. In countries with different child labour laws, different sorts of consumption and payroll taxes, different obligations on employers to maintain certain H&S standards or grant certain statutory breaks (the list goes on) there are different costs involved in (particularly) manufacturing goods.
Protectionist taxes must be put in place if the strict First World nation is to trade 'fairly' against the superexploiting manufacturer of the Far East.
Let's talk about "protectionism" for a moment, Mr. Barack Obama:
China Blocks iPhone In China 2/10/09
China Mobile chiefs, however, balked at this. Wang apparently considered the notion of Apple interacting and directly collecting payment from Chinese consumers as a "threat" to the operators dominance over the countrys mobile internet market.
Thanks - that's my garden where I grow cherries, damsons, quinces, apricots, apples, pears, figs, pomegranetes and almonds. If I had my way, I would quit teaching and spend all day there...
No, please dont quit teaching, you can come and work at my school. haha. we have great views, of a lovely old church!! Keep up the great work though, you are helping so many people with their courses. I myself have learnt so much and have become more confident when going into my economics exams..
@pajholden but then you wouldnt be teaching the new generation such marvolous ideas of the world we live in! Dont you want to tend to the garden of growing minds eager to learn? :D:D:D haha but whatever makes you happy :)
If free trade between countries is illegitimate then why is trade between states legitimate? Why is trade between cities legitimate? Why is trade between people legitimate? Doesn't make much sense does it.
All Protectionism does is shelter workers inside a nation from competition. They don't want to have to compete with forieng competitors. Protectionism is not for the benifit of the consumer, only for sub-par workers.
This is total codswallop. The eminent economic historian, Paul Bairoch, said that free-trade leads to depressions and protectionism leads to recoveries. Read his book, Econimics & World History: Myths and Paradoxes. The proof is in the historic pudding--not glittering abstractions.
very interesting video thanks
grisgrisy 1 month ago
some really good stuff here
shellybirdy 1 month ago
some great inforamtion here thanks
ericajjful 1 month ago
good work here
grisgrisy 1 month ago
great video thanks
thejameskan 1 month ago
some sweet info here
msjessypp 1 month ago
i love you man, youre seriously a life saver
ismailfareed 3 months ago
Do you mind putting up a lecture about "Externalities". =D
chingweng 5 months ago
@rocksiphone free trade means we exploit the fact that china has low wages and abundant labour. USA will benefit from this with cheap labour intensive goods. China will benefit from USA's abundant capital and low prices of capital. Thus free trade works great for both countries, even greater for USA probably. Since USA based firms for instance have superior management over China, some labour intensive USA MNE's are able to compete with China even though they don't have the cost benefit.
FrankyFinance 9 months ago
Interesting to see some of the aggressive comments about defending home markets. While free trade maximizes world welfare, it indeed comes with some undesireable consquences. Hence tariffs are generally implemented even though it lowers welfare. This is for several reasons:
1) Financing of goverment
2) Distribute income from consumer -> producer
3) Give infant industries time to develop
4) Employment protection
5) Moving profits from foreign firms to domestic
FrankyFinance 9 months ago
That is one HUGE garden.
liverpoool4lyf 1 year ago
terrible audio noise, but nice informative video nevertheless! :)
learningstuffonline 1 year ago
Regulations and Taxes are what shipped jobs off to other areas not Free Trade. Protectionism makes everyone poorer.
bonfirejovi 1 year ago
Free Trade is not free, it comes at a price. In the United States Free Trade destroyed American Jobs, it contributes to the recession remininicent of the Great Depression. Free Trade is not balanced Trade it is an unequal distribution of goods imported from cheap labor countries in exchange for the Domestic wealth. United States Census bureau - U.S. Trade International trade in June 2010 running a -49.9 BILLION dollar defict up from Mays report of -42.0 Billion Dollars. We need Tariffs today!
teagar3 1 year ago
@teagar3 The problem is what made those labour cheap and how can you combat this.
Yunghamz 1 year ago
@teagar3 Ok, if we close US borders to all imports, by your logic all Americans would be employed and everyone would be wealthier, correct? The more one engages in freer trade the more prosperous they'll be. The more we move towards protectionism the worse off we will be. When we import we send dollars overseas that must come back, thus the balance of payments always balance. It comes down to what you include in it. Look at what the Smoot Hawley tariffs did to America during the depression!
AussieAustrianBlog 1 year ago
All capitalist countries are protectionist! America makes no exception. Under Capitalism protectionism is a wholly CAPITALIST policy because it shields domestic capitalist from foreign competition. Protectionism and big business go hand in hand.
ComradeFlorian28 1 year ago
Can protectionism also be linked to increasing wages in a multinational company like McDonalds, Subway, Burger King etc ?
NatDemUK 1 year ago
so is protectionism an example of market failure?
ramsey00m 1 year ago
This is all Bull. Free Trade Destroyed all manufacturing in the United States which was the back bone of our country. Free Trade put millions out of jobs. Americans cannot compete with Slave Labor. We need tarriffs to bring back manufacturing. How could anyone in their Right Mind say Tarriffs will hurt us?
rocksiphone 1 year ago 2
Be Quiet.
billybobpie 1 year ago
@rocksiphone Be Quiet.
billybobpie 1 year ago
@rocksiphone Either vote for the Paleoconservatives in the Republican Party or the Constitution Party in the 2012 Presidential elections.
NatDemUK 1 year ago
@rocksiphone Protectionism economics is a disproven theory. It was disproven at the turn of the 20th century. Economic growth is aborted if trade taxes are installed.
ToaJoe 11 months ago
@ToaJoe Hmmm, well Free Trade does not seem to work either right? So I would vote for Higher Tariff's, I mean we can't lose because we are going down the tubes anyway
rocksiphone 11 months ago
@rocksiphone Free Trade works fine. Low prices for food means more people able to get into work, which means economic growth. Protectionism is anti-growth. You may be free from foreign import taxes, but you increase the price of food and goods at home. That is why, in the early 1900's, Tariffs were know as 'stomach taxes'. I think you're mistaking free trade with untamed capitalism, which is flawed.
ToaJoe 11 months ago
@ToaJoe Free Trade works fine for China, but not the United States. How can we compete with people who make 30 bucks a month?
rocksiphone 11 months ago
@rocksiphone You can't compare the Chinese economy to the USA one in that way. And the USA is not massively pro-free trade. Part of the reason you suffered so badly in the great depression was due to the tariff walls you placed around yourselves.
ToaJoe 11 months ago
very helpful. Can we have few on developing countries.
MrManishthapar 2 years ago
TRADE From 13th Century Latin trādere "to surrender. Later adopted to mean "the buying and selling of goods according to the rules/market controlled by the company" as it applied to the Dutch East India company and later the British East India Company. The meaning of trade has always been the forcing of the other party to "surrender" to your terms and never about fair or open markets.
Free Trade IS Protectionism. Fair Trade is achieved by Tariff on Importers from slave states.
abbesieyes 2 years ago 2
Good Video...Its just to bad its shot outside..which causes some distortion to the sound levels of your speech....
baasmarius 2 years ago
great too bad it was shot in a tornado
auxano 2 years ago 2
Free trade opens the borders for a richer economy in a developing country. the BRIC countries are thriving from free trade while jobs in the US are being globalized. Its the very definition of big businesses. Make cheap sell high earn profit.
lindsey2021 2 years ago
Once you bring in free trade, they destroy an economy, cause all the others connected to it to go into disarray. Forcing them to take out loans from the international banks, who caused the problem intentionally. Once they have these nations into the debt trap, they force them to join empires, such as the EU.
truthisthemostdeadly 2 years ago
Yes, I'm sure the EU is also contacting Darth Vadar..
Chooky707 2 years ago
Go back to fairy land, have seen what's going on in the economy today? With all the bailouts?
This is because of free trade! Free trade left a huge weakness, and the international banker's hit their hammers onto their weakness and bang! now they have all the nations of the earth at their mercy begging for socialism, begging for fake money.
truthisthemostdeadly 2 years ago
As much as I enjoy debating with crazy people I'm begining to tire of this. Can you actually shwo any evidence for your idea of this organisation who you speak of which wishes to "to control a huge amount of land and people from one central point. "???
Chooky707 2 years ago
European Union is not a enough?
truthisthemostdeadly 2 years ago 2
Ok. Now prove how they're involved.
Chooky707 2 years ago
Free trade improves an economy and allows it to modernise rapidly.
To join the EU you need to meet certain economic structural requirements, debt ridden countries couldn't join even if they wanted to.
OnTheSocial 2 years ago
What part of Alabama are you from?
auxano 2 years ago
It's globalization, destroying the borders, destroying nations, destroying national banks, and centralizing banking, creating empires like the European Union. Free trade are tools of theirs to destroy other nations. Like bringing in a virus into your country! Main goal is to control a huge amount of land and people from one central point.
truthisthemostdeadly 2 years ago
Free trade is Marxist ploy supported by the banks and the controlled media to undermine the Independence of nations. This gives them less control of their economy's and also leads to massive unemployment if they can't compete with other nations and also cause's alot of c02's because of all the transport of goods. This also sends business off shore to make cheaper goods with other country's. Makes the richer richer and leaves country's to be forced to take out loan's from Marxists Banks
truthisthemostdeadly 2 years ago
You clearly haven't got a basic grasp of fundamental economics. Also your strange use of the word marxist implies you have no idea what it is, given that free trade is a capitalist notion.
conorw69 2 years ago
Why would Marxist be Free Trade? You do realise that Marxism promotes Quotas and Tarrifs. Also it doesn't make the rich richer at all.
Chooky707 2 years ago
There is internationalist communist conspiracy. The workers of the world unite. Free trade undermines the nations independence, it undermines the nations control of the economy. If one country is effected, then most are effected, if you don't have free trade, and are independent, you don't need to worry about these issues.
truthisthemostdeadly 2 years ago
The Med and it's climate!
Thank you, very useful explanation of tariffs which
is hard to come by.
Best wishes
thenzfarmer 2 years ago
I am a Newcastle University student, and your videos have been very helpful to me. By the way, i love the environment Greece, olive trees, wind. I am sitting in the library and it is raining outside, but watching this video makes me feel happy.
Zalega99 2 years ago
What a drone. 'Distort their competitive advantage'?
Do these people know anything more about economics than neoliberal theory?
tigerone1970 2 years ago
If the free trade between countries is not fair, then one of those countries has to establish protectionism because this is how you keep your own firms not making losses.
SomeoneFromOne 2 years ago
I am for Free trade, if it is fair trade. I am against free trade with a protectionist partner who would screw me with a trade deficit. Some prtectionism is not bad, so long as it is executed in a smart manner and does not promote wastefulness.
SavageJim01 2 years ago 2
Well, 'fair' trade is in essence protectionism. In countries with different child labour laws, different sorts of consumption and payroll taxes, different obligations on employers to maintain certain H&S standards or grant certain statutory breaks (the list goes on) there are different costs involved in (particularly) manufacturing goods.
Protectionist taxes must be put in place if the strict First World nation is to trade 'fairly' against the superexploiting manufacturer of the Far East.
RevConVids 2 years ago
Love it!! very nice environment! i wish i was there!!
Btw, you can get a microphone for the camera so u the sound of the wind don't interrupt!
henriiiii 3 years ago
This has been flagged as spam show
Let's talk about "protectionism" for a moment, Mr. Barack Obama:
China Blocks iPhone In China 2/10/09
China Mobile chiefs, however, balked at this. Wang apparently considered the notion of Apple interacting and directly collecting payment from Chinese consumers as a "threat" to the operators dominance over the countrys mobile internet market.
indiasucksalways 3 years ago
teaching outside the class room! I like it! I wish the outside of my classroom was like this!
redreaper123 3 years ago
Thanks - that's my garden where I grow cherries, damsons, quinces, apricots, apples, pears, figs, pomegranetes and almonds. If I had my way, I would quit teaching and spend all day there...
pajholden 3 years ago 16
No, please dont quit teaching, you can come and work at my school. haha. we have great views, of a lovely old church!! Keep up the great work though, you are helping so many people with their courses. I myself have learnt so much and have become more confident when going into my economics exams..
TheElwall 3 years ago
@pajholden NO! dont quit teaching! we love you!
behold789 1 year ago
@pajholden but then you wouldnt be teaching the new generation such marvolous ideas of the world we live in! Dont you want to tend to the garden of growing minds eager to learn? :D:D:D haha but whatever makes you happy :)
cunucky 10 months ago
@pajholden thanksfor the useful video :) haha i read that you grow "quinces" as you grow "quiches" in your garden :P
harrywbfmv 9 months ago
Comment removed
harrywbfmv 9 months ago
Nice background! Is it your home?
Great vid!
HairDare 3 years ago
Mr phill, ti kanete?
hope you are good there.
thank you very much for the video, though the wind sounds disturbing!
yellowbluebuz 3 years ago 2
If free trade between countries is illegitimate then why is trade between states legitimate? Why is trade between cities legitimate? Why is trade between people legitimate? Doesn't make much sense does it.
All Protectionism does is shelter workers inside a nation from competition. They don't want to have to compete with forieng competitors. Protectionism is not for the benifit of the consumer, only for sub-par workers.
DaveDoggOwns 3 years ago 2
Keep the vids coming, very interesting and helpful!
Conquest215 3 years ago
5 stars
TheAmericanPopulist 3 years ago
This is total codswallop. The eminent economic historian, Paul Bairoch, said that free-trade leads to depressions and protectionism leads to recoveries. Read his book, Econimics & World History: Myths and Paradoxes. The proof is in the historic pudding--not glittering abstractions.
mujaku 3 years ago
Sweet!...am glad 2 c ur still uploading videos..its bin great having you..your my ideal revision guide 8)
DigitalSlayer 3 years ago
loleur, i love the outdoor effect! xx
jus123456789 3 years ago
really? too much wind man, hard to understand; I'm listening to it on 11.
Poseidon143 3 years ago
it's my garden
pajholden 3 years ago 6
wow nice garden
ldnzz 3 years ago
i really love your videos thank you sooo much for them
hazukisan7 3 years ago 2