Writing about web page http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1964156
Late in the Old Year, I listened to a radio interview. The question was: "What has the world gained from China's emergence into global trade?" The response was something like this:
A few countries have gained by selling raw materials to China -- Australia, Canada, parts of Africa.
What about the rest?
The rest of us have just had to face a flood of cheap Chinese goods.
To me this neatly encapsulated one of the central tenets of Do-It-Yourself Economics:
Production (and exports) good. Consumption (and imports) bad.
The mixed feelings with which the world's media greets the deluge can be readily illustrated by Googling the search terms "flood" and "cheap Chinese goods."