Why Voters Don’t Buy It When Economists Say Global Trade Is Good
Citation (APA): Mankiw, G. (2016). Why Voters Don’t Buy It When Economists Say Global Trade Is Good [Kindle Android version]. Retrieved from Amazon.com
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Why Voters Don’t Buy It When Economists Say Global Trade Is Good By Greg Mankiw
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You see it in Donald Trump’s railing against immigrants and trade agreements. It may well be part of Hillary Clinton’s shift, under pressure from Bernie Sanders, against the Trans-Pacific Partnership, which she once embraced as “the gold standard in trade agreements to open free, transparent, fair trade.” You certainly see it in the British decision to exit the European Union,
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TRUMP CLINTON BREXIT
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Voters clearly aren’t listening to economists.
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35 percent of registered voters thought the United States gained from globalization, while 55 percent thought it lost.
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If people were just looking out for themselves, their view of globalization would be determined by the industry in which they worked. Those in industries with a high concentration of exports should be favorable to an open economy, while those in industries that have to compete with imports should be opposed. In actuality, however, people’s attitudes about free trade and offshore outsourcing are unrelated to the characteristics of the industry in which they are employed.
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voters embrace policies based on the broader national interest.
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As Mr. Mansfield and Ms. Mutz put it, “trade preferences are driven less by economic considerations and more by an individual’s psychological worldview.”
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PSICOLOGIA LOSS AVERSION
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The more years of schooling people have, the more likely they are to reject anti-globalization attitudes.
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Consistent with this, Andrew McGill reports in The Atlantic that the recent Brexit vote was strongly correlated with education.
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In the long run, therefore, there is reason for optimism. As society slowly becomes more educated from generation to generation, the general public’s attitudes toward globalization should move toward the experts’.
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