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The awful truth: education won't stop the west getting poorer - The Guardian

2

Comments

  • drc
    drc Posts: 2,057 Forumite
    Generali wrote: »
    It's a great piece right up to the last paragraph. Not a single word in the article supports the assertion at the end.

    I have no doubt that people will be offered the chance to vote for protectionism of one sort or another, probably by Labour. That'd really screw the economy.

    Gen, can I ask why you think protectionism would be bad for the UK?
  • JP45
    JP45 Posts: 335 Forumite
    Unfortunately, I think the article is essentially correct.

    After all, why should white collar work be immune from competition from emerging markets? The notion that we could create a world class nation of knowledge workers always struck me as somewhat naive.

    The harsh reality is that we're going to have to get used to living within our means with only modest increases (if any) in our standard of living. As Chris Giles of the FT recently wrote:
    The days when British workers could expect pay rises averaging 1.5 to 2 percentage points above inflation ended with the recession of 2008-09, as they did at least a decade ago in economies such as the US and Germany under the onslaught of competition from emerging markets. They may never return.
  • purch
    purch Posts: 9,865 Forumite
    protectionism would be bad for the UK?

    In a "Tit for Tat" protectionism battle, I doubt we have a diverse, or strong enough economy to do anything other than come of the worse.
    'In nature, there are neither rewards nor punishments - there are Consequences.'
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    drc wrote: »
    Gen, can I ask why you think protectionism would be bad for the UK?

    Google Ricardo or gains from trade. Protectionism is bad for everyone, both the country with the tariff and the country trading into the tariff. The only exception can be in developing countries in very limited circumstances.
  • Radiantsoul
    Radiantsoul Posts: 2,096 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Generali wrote: »
    The only exception can be in developing countries in very limited circumstances.

    Although if the future for the West is one of stagnating or declining living standards combined with increased inequality then politically it will be hard to continue to sell free trade.
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    Radiantsoul wrote: »
    Although if the future for the West is one of stagnating or declining living standards combined with increased inequality then politically it will be hard to continue to sell free trade.

    I agree. It's my big fear for the UK economy.
  • abaxas
    abaxas Posts: 4,141 Forumite
    Generali wrote: »
    Google Ricardo or gains from trade. Protectionism is bad for everyone, both the country with the tariff and the country trading into the tariff. The only exception can be in developing countries in very limited circumstances.

    Protectionism is at the heart of our economy.

    NIMBYism destroys business and local communities.
  • ILW
    ILW Posts: 18,333 Forumite
    abaxas wrote: »
    Protectionism is at the heart of our economy.

    NIMBYism destroys business and local communities.

    NIMBTism can be very good for local communities. Keeps the riff raff out of the better areas.
  • abaxas
    abaxas Posts: 4,141 Forumite
    ILW wrote: »
    NIMBTism can be very good for local communities. Keeps the riff raff out of the better areas.

    Agreed, no point having shops or employment in an area. Better to have boarded up units and chavs stalking the streets.
  • ILW
    ILW Posts: 18,333 Forumite
    abaxas wrote: »
    Agreed, no point having shops or employment in an area. Better to have boarded up units and chavs stalking the streets.


    All depends on the area, nice little Kent village does not want a load of flats being built so chavs can be shipped in.
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