Larry Summers said that the administration’s decision to eschew free trade agreements with other countries could contribute to higher levels of inflation.
“I am profoundly concerned by the doctrine of manufacturing-centered economic nationalism that is increasingly put forth as a general principle to guide policy,” Summers, who also served as an economic adviser to President Barack Obama, told the Peterson Institute for International Economics on Tuesday.He said the administration’s decision to eschew free trade agreements with other countries while focusing on boosting manufacturing in the US could contribute to even higher levels of inflation.
“It is wrong to suppose that manufacturing-based economic nationalism is a route to higher incomes or better standards of living for the middle class,” Summers said Tuesday. Summers said increased free trade and other benefits of globalization are the key to bringing down inflation. “Yes, we should enforce the antitrust law more than we have over the last 30 years … But we should do that in service of a doctrine of higher incomes through lower costs for consumers,” Summers said.
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