{"id":4771,"date":"2012-06-13T06:00:53","date_gmt":"2012-06-13T10:00:53","guid":{"rendered":"http:\/\/www.Centives.net\/S\/?p=4771"},"modified":"2012-06-13T02:04:45","modified_gmt":"2012-06-13T06:04:45","slug":"myths-about-trade","status":"publish","type":"post","link":"https:\/\/www.Centives.net\/S\/2012\/myths-about-trade\/","title":{"rendered":"Myths About Trade"},"content":{"rendered":"<p style=\"text-align: center;\"><img decoding=\"async\" src=\"http:\/\/www.Centives.net\/S\/wp-content\/uploads\/2012\/06\/061112_1332_MythsAboutT1.jpg\" alt=\"\" \/>s<\/p>\n<p>Free Exchange reported on a paper written by the McKinsey Global Institution blasting away some of the commonly held myths about trade. They include:<\/p>\n<ul>\n<li>\n<div>Myth: Developed economies have seen exports decline and imports rise over the past 15-20 years.<\/div>\n<ul>\n<li>Fact: Imports and exports as a % of GDP have stayed remarkably stable since 1994.<\/li>\n<\/ul>\n<\/li>\n<li>\n<div>Myth: Developed countries have a trade deficit because of the consumer goods they import (those with the ubiquitous &#8220;made in China&#8217; stickers on them.)<\/div>\n<ul>\n<li>Fact: The trade deficits are primarily driven by the demand for oil and other forms of energy. Moreover the majority of advanced economies run a surplus in knowledge-intensive manufactured goods such as airplane engines.<\/li>\n<\/ul>\n<\/li>\n<li>\n<div>Myth: Trade has led to the decline in manufacturing jobs.<\/div>\n<ul>\n<li>Fact: Manufacturing jobs have declined due to increases in productivity.<\/li>\n<\/ul>\n<\/li>\n<li>\n<div>Myth: Trade creates low paying jobs.<\/div>\n<ul>\n<li>Fact: Trade creates jobs in idea-intensive sectors that pay well.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>To read more about the tricky question of income inequality that the report can&#8217;t answer, what the empirical research says, why less trade would not be the solution to income inequality, what rich countries need to do, and why it might be a problem that financial innovations can&#8217;t be patented, click <a href=\"http:\/\/www.economist.com\/blogs\/freeexchange\/2012\/05\/international-trade\">here<\/a>.<\/p>\n<p>Source: <a href=\"http:\/\/www.economist.com\/blogs\/freeexchange\/2012\/05\/international-trade\">Free Exchange<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>s Free Exchange reported on a paper written by the McKinsey Global Institution blasting away some of the commonly held myths about trade. They include: Myth: Developed economies have seen exports decline and imports rise over the past 15-20 years. Fact: Imports and exports as a % of GDP have stayed remarkably stable since 1994. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4770,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-bulletin"],"jetpack_featured_media_url":"https:\/\/www.Centives.net\/S\/wp-content\/uploads\/2012\/06\/061112_1332_MythsAboutT1.jpg","_links":{"self":[{"href":"https:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/posts\/4771","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/comments?post=4771"}],"version-history":[{"count":4,"href":"https:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/posts\/4771\/revisions"}],"predecessor-version":[{"id":4789,"href":"https:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/posts\/4771\/revisions\/4789"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/media\/4770"}],"wp:attachment":[{"href":"https:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/media?parent=4771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/categories?post=4771"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/tags?post=4771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}