The Emperor Has No Clothes Award Posted by Heather Hurlburt

goes to Lael Brainard, global economic policy whiz at Brookings.  I've always thought Lael was one of the most impressive people in Washington, and she just came out and put something so wonderfully bluntly:

Let's admit that competitive liberalization has failed.  APEC (Asia Pacific Economic Cooperation) is basically dead, the FTAA (Free Trade Area of the Americas) is not doing so well, Doha is on life-support.

What this means for you non-trade wonks is that we've given up on the idea that we can be an engine for trade moving forward regionally all over the world -- and have moved to a bilateral modeel of moving trade forward only as and when it suits us.  Sound like other areas of policy?

Comments

[Zathras]

We have not given up on trade liberalization. Brainerd has. The administration has proceeded with bilateral and regional trade deals because progress in the Doha round remains stymied by Europe's resolute refusal to do anything meaningful to eliminate its farm subsidies, and to a (significantly) lesser extent some of the developing countries reluctance to open their markets for services. Neither one of these can be blamed on the United States.

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