"...[the WTO] keeps all of us from indulging in the everyone-loses pattern of trade sanction and retaliation. If we in the United States are the good guys more than half (or even half) the time, a strong WTO is in our interest."
WTO head Michael Moore recently trotted out the argument that tariffs and protectionism led to the Great Depression. For the sake of argument let's say that the WTO succeeds and trade barriers are reduced to zero. Effectively we have one nation when it comes to trade. Then what? Who will we trade with? Martians? Without any more countries with which to trade, will the global economy slip into depression?
Peter K.