... seriously. First, the whole emphasis on the importance of international competition ignores the fact that both the U.S. economy and the economy of Western Europe are still primarily in the business of producing goods and services for their own use. Imports are only 11 percent of U.S. GDP. While it is true that a somewhat wider range of goods is subject ... work in much harsher conditions. The proper comparison, however, is not between U.S. wages and developing-country wages but between export-sector wages in developing countries and other locally available opportunities. After all, it i...

• Word Count: 3449
• Approx Pages: 14
• Has Bibliography
• Grade Level: Undergraduate