Well, since imports from countries with GDP per capita levels less than a third of the United States are about 1.5% of GDP, it would be possible. We'd lose a lot of Chinese-made toys and light consumer goods. We'd lose a lot of coffee, tea, and cocoa. But the modern world economy is just not very effective as a device for extracting surplus-value from impoverished peripheral workers and peasants and transferring it to the metropole...
>
>"Why should there be one standard for one country, especially because
>it is black, and another one for another country, Israel, that is white?
Interesting how the Sephardim have vanished from the picture, isn't it?
Brad DeLong