Liberal Democracy (was Robert Mundell: Genius unbound)

[Brad De Long]

>Brad De Long wrote:
>>
>>Imports from countries with GDP per worker levels less than half that
>>of the U.S. amount to 0.9% of U.S. GDP. Even if all those goods were
>>obtained by the U.S. at a price of only 1/3 their fair value, that
>>still means that less than 2% of the American standard of living
>>comes from exploitation of the Third World.
>
>Does "imports" here include goods produced by U.S. companies in 
>foreign countries,

They are supposed to. There are, however, serious transfer pricing 
issues here...

Brad DeLong