Thursday, October 18, 2012

Who's Afraid of Foreign Trade?

Both Presidential candidates seem to have their apprehensions. I'm sure the upcoming foreign policy debate will feature the familiar boogie monster of cheap overseas workers, malicious central banks "manipulating" their currencies to boost exports, yadda yadda. I'm going to wait for the debate to debunk the specific claims made. But as a prelude, keep the below graph in mind. Its economic openness (Import+Exports)/GDP run against the total manufacturing index for the United States.

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