The President’s Trade Deal Struggles Because It’s Bad Policy
By Stan Sorscher in Huffington Post - The Trans-Pacific Partnership is a 12-country NAFTA-style trade deal with two serious problems. It doesn't work, and it's bad for democracy.
First, everyone is in favor of trade. We can have good trade policy that raises living standards or bad trade policy that works fabulously well for a few, but very badly for everyone else.
More than any other policy, trade policy creates winners and losers.
For instance, pharmaceutical companies are big winners. Their expanded patent monopolies will cost everyone else billions. Nike is a winner because new investor protections will apply to its operations in Vietnam, where Nike already exploits the lowest cost labor they could find on earth.