CHAPTER 2 Melancholia Madeleine and the Paradox of Trade
Note:2@@@@@@@@@@@
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California pistachio growers asked whether I would speak
Note:CONFERENZA DAGLI AGRICOLTORI
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it is economical today to import water from the South Pacific,
Note:SI COMINCIA CON L ESALTAZIONE DEL LIBERO SCAMBIO
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the miracle of new transportation
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the owner of FIJI Water!” Gulp. The man’s name was Stewart Resnick,
Note:L ACQUA CHE VENIVA DALLE FIJI ERA DI UN AMERICANO IN OUTSOURCING
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This is a new world, where nothing on earth is far away from our grasp.
Note:UN NUOVO MONDO DOVE TITTO È VICINO
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we may depend on a guy named Stewart, who lives in Beverly Hills, to send us bottles designed by a talented graphic artist and filled with water from the tropics.
Note:INCREDIBILE GLOBAL
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consumers are devoted to their favorites—even though the basic ingredient is supposed to be pretty tasteless.
Note:LO STRANO MERCATO DELL ACQUA IN BOTTOGLIA
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If a government—whether dictatorial or parliamentary—could deliver American fizzy drinks to its people, that government had a better chance of clinging to power.
Note:LA SUPERPOTENZA
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leftist critics called it “Coca-Colonization.”
Note:NEO COLONIALISMO
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bubbly dark drink based on the traditional kvass,
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IL COMPETITOR IN URSS
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In War and Peace soldiers call it “pig’s lemonade.”
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Their expectations were low.
Note:PEE CHI VA BENE
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sipping Coca-Cola while in Krakow, Poland. They threw him into jail for this sin
Note:SPIE RUMENE BECCANO IL POLACCO
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“beverage of capitalist sports.”
Note:ACCUSA
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swirl of Coca-Cola’s red-and-white stripes popped up on kiosks across the country, symbolizing freedom and access
Note:SIMBOLO...DAL COMUNISMO ALLA COCA
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motto coined by the poet Juvenal was “bread and circuses,”
Note:COME SI GOVERNA
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1999
Note:ETIOPIA BBC
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“Coca-Cola shortage is being treated as a national emergency,”
Note:ETIOPIA
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In the 1980 cult movie, The Gods Must Be Crazy,
Note:UNA COCA PERSA NEL DESERTO CORROME L ANACORETA
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It must be holy, a gift from the gods!
Note:COCA DONO DI DIO
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Eventually, the gift ruins his tribe’s harmony
Note:PROSPERITÀ E ROVINA
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Now we ask ourselves, how does globalization impact the harmony of a nation?
Note:PIÙ IN GENERALE
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can a nation live without globalization?
Note:DOMANDA A LATERE
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Nations cannot grow and stay rich without trading with others. But trading with others eventually shakes the customs and character of the nation.
Note:IL PARADOSSO DEL CAPITOLO
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for us it is the supersharp photos of a Samsung Galaxy
Note:AL POSTO DELLA COCA
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colored dots that emerge from Damien Hirst’s
Note:O
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“Have these global marvels interrupted our lives
Note:PERICOLO
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Nostalgic feelings
Note:ONNIPRESENTE
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Proust’s Remembrance of Things Past
Note:UN CLASSICO
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when he tastes a baked madeleine dipped in tea.
Note:UN BRIVIDO LO PERCORRE
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memories of his youth:
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it is worse for us today.
Note:OGGI PEGGIO
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we miss the cookie because Nabisco has displaced the baker!
Note:ES
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I call the feeling “melancholia madeleine,”
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Melancholia madeleine is a syndrome that makes it very difficult to keep a country together.
Note:COESIONE A RIS CHIO
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skilled and successful artisans quickly sell their businesses to bigger brands
Note:DI SOLITO
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it is tough to conjure misty-eyed nostalgia for a company like 10 Barrel Brewing
Note:NIENTE ROMANTICISMO CON LE MULTINAZ
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old nations like Ragusa and Venice that grew rich by trading and then fell apart.
Note:LA STORIA SI RIPETE
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the Habsburg Dynasty that ruled Austria-Hungary, crumble like a stale linzer torte.
Note:ALTRO ES
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globalized economy can sap patriotism.
Note:SEMPRE COSÌ
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same forces that ripped apart nations brought us longer, healthier lives and
Note:ANXHE DL BENE
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IT’S HARD TO GET RICH WITHOUT TRADE
Note:Tttttttttttttt
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Milton Friedman endorsed my first book,
Note:UNA VITA AD ELOGIATE I COMMERCI
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Friedman holds up a pencil as a symbol of the wonders of free trade.
Note:MERAVIGLIA
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Oregon
Note:TAGLIA L ALBERO
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need steel for the saw.
Note:IL METALLO X LA SEGA
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fly to an iron mine in Brazil
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to Pittsburgh to figure out how to turn iron ore into steel.
Note:FUSIONE
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metal tip,
Note:ZINCO GHIERA
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graphite center,
Note:ALTRO ELEMENTO
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rubber eraser.
Note:ALTR ELEMENT
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trips to Sri Lanka and Indonesia.
Note:PER LA MATERIA PRIMA
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learning all the chemistry, engineering, and foreign languages
Note:LA BASE
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thirteen cents
Note:IL COSTO CHE BAGHI X LA MERAVIGLIA
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attractive graphic printing
Note:IN PIÙ DECORATA
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not the iron miner, the tree chopper, the rubber farmer, nor the graphic artist ever has to gather together
Note:NEZSUNA ASSEMBLEA!!!!
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No central planning
Note:NO ORGANIZZ
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the “invisible hand”
Note:COORDINAM
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have you ever heard of a shortage of pencils? Or price-gouging by pencil makers?
Note:MAI
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an aspirin pill
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ES ANCORA PIÙ SOFISTICATO
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airline jet engine
Note:ALTRO ES.
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how many hours does an average person have to work in order to earn enough money to live and buy the stuff he wants?
Note:UNITÀ DI MISURA IDEALE
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1870
Note:PERIODO
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thirteen.
Note:INIZIO DEL LAVORO
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death,
Note:FINE LAVORO
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three thousand annual hours “on the job,”
Note:OGNI ANNO
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eighteen hundred hours of home chores.
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61 percent of their waking hours working.
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1950
Note:CFR
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17.6 years
Note:ETÀ INIZIO
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spent only 45 percent of their waking hours working.
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Today,
Note:CFR
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twenty,
Note:INIZIO
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sixteen years in retirement,
Note:ATTESI
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spend only 28 percent of our waking
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how purchasing power has soared.
Note:TTTTTTTTTTTT
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Mark Perry has done us the favor of flipping through old Sears catalogs to compare prices over time.
Note:CFR CATALOGO A DISTANZA DI TEMPO
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1959,
Note:TEMPO
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labor for over a hundred hours to afford a washing machine.
Note:100 ORE LAVATRICE
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Today, it takes less than one-fourth as many hours.
Note:OGGI
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a week of labor;
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note how poor households have benefited.
Note:BENEFICI CONCENTRATI SUI POVERI
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In 1971 only about 20 percent of American homes owned a dishwasher
Note:LAVATRICE
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40 percent watched television
Note:TV COLORI
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By 2005 about 40 percent of poor families had a dishwasher
Note:CFR
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nearly all had at least one color television.
Note:Cfr
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As recently as 1965 one-third of British families lacked a refrigerator, which explains a lingering tolerance for room-temperature beer.
Note:LA BIRRA INGLESEE
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Soviet Union
Note:I PAESI CHE RIFIUTANO IL COMMERCI
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failing to keep up with the standards of 1917 Russia.
Note:URSS...IL PROB NN ERANO GLI STANDARD USA
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Cuba’s GDP per capita was near the top of Latin America’s rankings.
Note:PRIMA DI CASTRO 1959
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Cuba slipped to the bottom.
Note:DOPO
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Castro’s supporters might blame the plunge on the US embargo, but that makes my point:
Note:APPUNTO!!!!!!
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since 1959 the standard of living in Latin America has doubled.
Note:DATO MEDIO
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Cuba’s per capita GDP has hardly budged.
Note:CFR
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Vietnam versus Burma; Bangladesh versus Pakistan; and Costa Rica versus Honduras.
Note:CFR SENZA APPELLO
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economy grows stale and fetid, much like a badly aerated terrarium.
Note:AUTARCHIA
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a dank prison,
Note:NORD COREA
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the north was slightly wealthier than the south.
Note:COREE
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today the south is seventeen times wealthier
Note:NNOSTANTE GLI AIUTI
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South Koreans live ten years longer
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several inches taller.
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executions without trial
Note:I RECORD DEL NORD
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infant mortality rate (six times higher).
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economists, make a big mistake when they think that a country’s wealth rests on its natural resources
Note:RICCHEZZZA E RISORSE
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Hong Kong is a pile of rocks.
Note:ES
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The Netherlands was a swamp.
Note:ACQUITRINO
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Israel was a desert
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THE FREE MARKET IS NOT A PAIN-FREE MARKET
Note:Tttttttttttttttt
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some people lose when a country opens its markets.
Note:AMMETTIAMOLO
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hard to find a shoe that is made in America.
Note:PURTROPPO
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countries need trade but trade can crumble loyalties.
Note:PARADOSSO RIPETUTO
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WHAT IS RAGUSA?
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During Renaissance times, the Republic of Ragusa was a glorious place
Note:DI COSA PARLIAMO
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Today, Ragusa has a different name, Dubrovnik, and each year 15 million tourists trample each other
Note:OGGI
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Serafino Razzi described Ragusa’s tasty wines, sweet pears,
Note:DOMENICANO DEL 1500
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Before most of Europe, Ragusa built sewer and drainage systems
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From 1358 to 1806 Ragusa displayed the word LIBERTAS on its flag
Note:SIMBOLICO
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only town along the Dalmatian coast not governed by Venice.
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frequently threatened by Turks, Venetians, and brigands
Note:NN UN PARADISO
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Ragusa built walls to protect itself
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To keep its independence the Ragusa republic relied on bribes, spying, trickery, and feigning.
Note:METODO
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“We the sworn servants of your majesty
Note:AGLI AUSTRIACI
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“We are always devoted to you.”
Note:CAELI V
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“Twelve galleys of the Pope have united with 49 of the King of Spain
Note:SPIATA AI TURCHI
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in the name of the whole Christian Republic . . . under the banner of Christ.”
Note:GIURAMENTO AGLI ASBURGO
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“We care more for the lowest of the servants and slaves of your Highness than for all the Christians.”
Note:AI TURCHI
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This duplicitous yet understandable strategy worked quite well
Note:DOPPIA FACCIA
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But in 1806 Ragusa collapsed before Napoleon,
Note:IL COLLASSO
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Ragusa did not fall because it was too poor. Ragusa fell because it was too rich
Note:TROPPO RICCA X STARE LIBERA
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Ragusa’s surging standard of living pushed down the birthrate,
Note:SPECIE TRA I RICCHI
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Ragusa’s libertas was indeed undermined by gold.
Note:STATO FALLITO...MA NN COME LA GRECIA DI OGI
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From throughout the world,
Note:DA DOVE ARRIVAVA LA RICCHEZZA?
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In the streets vendors squawked in Latin, Arabic, Russian, and a variety of African dialects.
Note:TUTTE LE LINGUE
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living went up, but communication grew tougher and loyalties frayed.
Note:RICCHEZZA SU RELAZIONI GIÙ
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Ragusa was not willing to defend itself
Note:SPESA X LA DIFESA
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witness decried the “blindness of the people and the bourgeoisie who receive the French with open arms.”
Note:LUIGI VILLARI SUI NAPOLEONICI A RAGUSA
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WHERE HAVE ALL THE HABSBURGS GONE?
Note:Tttttttttt
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all that is left of the Habsburgs is a homburg hat.
Note:DISINTEGRATO
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Austria, Hungary, Poland, Romania, Czech Republic, Slovakia, Ukraine, and the Balkans.
Note:DOMINIO
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reigned over most of Mitteleuropa, along the Adriatic through Ragusa down to Montenegro, and as far to the east as Dracula’s castle in Transylvania.
Note:REGNO
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an empire made up of too many peoples, too many customs, and too many lands.
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PERCHÈ ESPLOSI?
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Habsburgs disintegrated with World War I.
Note:I GUERRA
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Franz Joseph
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The economy had been growing fitfully in the late 1700s and early 1800s.
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Austrian weavers began to import British machines
Note:NEL OTTOCENTO
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government lifted tariff barriers
Note:1851
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abolished guilds,
Note:1859
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accelerated sharply between 1850 and 1873.
Note:MODRNIZZAZIONE
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Grunderzeit (literally, the “founder epoch”),
Note:NOME DEL XDIODO
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The opening of cafés symbolized rising disposable incomes.
Note:CAFFÈ FAMOSI
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galloping GDP,
Note:TRA IL 1870 e 1914
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fertility rate decreased from 1850 to 1910
Note:INDIZIO
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economy roared, expanding by 128 percent.
Note:1870 1910
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rising incomes sparked more ethnic conflict than stagnant incomes
Note:SCINTILLA
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When Prime Minister Badeni, a Polish count, proclaimed that all bureaucrats must speak German and Czech,
Note:DISORDINI CONTINUI
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With easier trade flows across borders, the population of Vienna multiplied fourfold between 1850 and 1910
Note:COSMOPOLITA
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even before World War I, the Viennese complained of a siege—but from fellow Austrians purportedly carrying diseases and lower wages.
Note:IL LAMENTO DELLA COSMOPOLITA
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deemed a “political unreliable.”
Note:CHI VENIVA DA FUORI
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fistfights among shoppers because newcomers “touch the merchandise, put it back, haggle over the price and then don’t buy it in the end.”
Note:TENSIONE
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“When Viennese musicians and singers perform in Budapest, it is a cause of public annoyance.”
Note:CAMPANILISMO
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SCOTLAND THE BRAVE AND CONFUSED
Note:Tttttttttttt
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rich nations have fewer babies and therefore require immigrants,
Note:PRIMO PARADOSSO...VEDI CAP PRECEDENTE
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get rich and stay rich, nations must trade with foreigners—are sparking nationalist and separatist movements
Note:SECONDO PARADOSSO QS CAPITOLO
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“We don’t want your United Colors of Benetton!”
Note:CONTRO IL MULTICULTI
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On September 18, 2014, the Scots rushed into voting
Note | Page: 49
ESEMP
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The independence movement received about 45 percent of the vote, an impressive performance considering that the Tory and Labour parties battled on the same side
Note:SUCCESSONE NONOSTANTE...
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businesses threatened to flee
Note:E NNOSTANTE...
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Scotland is far wealthier than it was in 1970 or 1950,
Note:LA POVERTÀ NN C ENTRA NULLA
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a large proportion of Scots believe that this wealth has come at too high a price:
Note:MA
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too many foreigners,
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too many able-bodied adults on the dole,
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resentment has intensified as Scotland has grown wealthier.
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The splintering forces of entropy, not economic desperation,
Note:FORZE DEL SEPARAZIONISMO
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FROM “MADE IN USA” TO “MADE WHEREVER IT’S CHEAPER”
Note:Ttttttttttttttt
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We have grappled with the idea of machines replacing people ever since the first ancient Roman
Note:DA SEMPRE
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used a plank and heavy stones
Note:I VIGNAIOLI
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asking women to stomp
Note:PRIMA
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rocks can replace feet in winemaking.
Note:CATONE IL VECCHIO PREOCCUPATO
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Taxi drivers do not like Uber
Note:IL DIBATTITO CONTINUA
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Soon Uber drivers will resent Google’s self-driving vehicles.
Note:UNA CATENA
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Workers feel threatened by a combination of foreign machines and foreign people.
Note:FOREIGN
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threatens to bleed patriotism out of nations.
Note:LA GLOBALIZZAZ
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We have moved from “MADE IN USA” to “MADE IN WHEREVER’S CHEAPER.”
Note:LA TRADIZIONE
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At first the outsourcing boom of the 1990s hurt only uneducated Americans who lost factory jobs
Note:PRIMA SOLO A BASSA ISTRUZ
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Then call centers in India wiped out Dell Health Care
Note:POI
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Indian radiologists can read a cancer screening just as well as an American,
Note:POI
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a Filipino accountant can fill out a 1040 tax return without missing a decimal point.
Note:POI
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McKinsey estimates that for every dollar of U.S. corporate spending in India, the United States gains $1.14.
Note:1 vs 1,14
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Let’s say that Santa Claus began delivering free toys and clothing all across the United States. Would the United States be better off?
Note:ESPERIMENTO MENTALE
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we could spend our time making other things,
Note:OVVIO CHE SÌ
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would everyone be better off? No.
Note:NO
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Employees of Mattel
Note:ESEMPIO
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Santa a particularly unfair trade competitor
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After the Civil War, for example, many New England textile factories slinked off to the South, taking jobs with them.
Note:UN PRECEDENTE
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Serenissima Repubblica di Venezia.
Note:UN NOME UN PROGRAMMA
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Despite foreign threats, Venice managed to bring riches to its citizens through shipping, banking, the spice trade, bookbinding, and glassblowing
Note:MINACCE
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what sector did Venice outsource, plunging the republic into mortal danger?
Note:QUESITO
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Venice outsourced their safety, their military.
Note:MERCENARI
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from France and Holland.
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if your enemy is willing to pay more,
Note:IL PDOB CON I MERCENARI
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when the Ottomans dangled more gold in front of the Venetian navy, the navy simply switched flags.
Note:IL MOMENTO DECISIVO
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Venetian senate then hiked taxes on workers and businessmen to buy back naval loyalty,
Note:TASSE SU
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Assaulted by pirates, in 1600 Venice’s shippers were forced to pay higher insurance premiums,
Note:ASSICURAZ
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In 1615 French mercenaries plotted to seize and blow up the doge’s palace
Note:RIBELLIONE
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Shakespeare wrote of Venice’s mercenaries in Othello.
Note:GIUSTO DUE ANNI PRIMA
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the real tragic history of Venice came from believing that military loyalty can be bought and secured,
Note:L ERRORE
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WHAT’S AN AMERICAN BRAND?
Note:Ttttttttttttttt
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only 43 percent of Millennials consider themselves “very patriotic,”
Note:PATRIOTTISMO
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United States should have a basic “American” culture and a set of values,
Note:VERO SOLO X IL 54
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it had grown richer by targeting China and becoming less American, but then became poorer because its new customers in China perceived it as too American.
Note:PARADOSSO YUM
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build other institutions that can bring people together in spirit and work.
Note:DI COSA ABBIAMO BISOGNO...
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For every Mark Zuckerberg in his dorm room, thousands of young men in hoodies are sitting on a sofa in their mom’s basement,
Note:TRADE OFF
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The maldistribution of income and work ethic breeds resentment and selfishness at both ends of the spectrum.
Note:DISTRIBUZIONE DI REDDITO...INTELLUGENZA VOGLUA DI LAVORARE...MALCONTENTO OVUNQUW...I RICCHI PENSANO DI MANTENERE TUTTI
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the top 10 percent pay over 70 percent of the taxes.
Note:I RICCHI TIRANO LA CARRETTA
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Young people and older people have lost confidence.
Note:FIDUCIA
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Baby boomers are growing nostalgic,
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only 29 percent think life has improved since the 1960s.
Note:MIGLIORAMENTI...USA
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shorter life of the 1960s appears to be a better life.
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VITA BREVE MA MIGLIORW
