THE LATEST DISCUSSION on free trade has been particularly interesting. One reader in that entry made the point that capital raised in offshore industry is reinvested in our economy and leads to further innovation and new industries at home. In response, the reader R.S. writes:
And that productive capital can in future be invested in places that are not the United States, for exactly the same reasons that productive capital has been invested in existing industries, in places that are not the United States, and exactly the same reasons that productive capital is being invested in new industries, in places that are not the United States.
He also writes:
[N]o serious thinker believes that a large nation can maintain itself, defend itself, and prosper as a “service economy.” Shills, hacks, CNBC screechers, Timothy Geithner, professors at George Mason, and Economist leader-writers, yes, but not serious people. Read More »