Adam Smith Institute

John McCain has been cruising the Rust Belt, empathizing with those who are hardest hit by economic hard times: “America is hurting today,” he said. “Michigan is hurting today. The automotive industry is hurting. And we’ve got big problems, and we’ve got big challenges… [but] I have to tell you — and I know that it’s not popular — I do believe in the overall benefits of free trade.”

For many in the developed world, there is indeed reason to be pessimistic. The manufacturing jobs that are leaving are not likely to return. The credit crisis and high gas prices are making things more difficult for many. Perhaps this is why more Americans than ever believe their children will not be better off than they were.

The good news, however, is that the Europe, the UK and the United States will be more prosperous in the future than they ever have in the past—as long as they recognize the opportunities that the globalised world will bring. Even though many jobs are going abroad, resulting in an increased demand for oil and food, a more prosperous world will tremendously benefit the developed world.

Why? China, India, and Brazil have a combined population of more than two billion people. As they grow more prosperous, the size of the market will increase dramatically. This creates a remarkable and unprecedented opportunity for entrepreneurs in Europe and America. Our workers will no longer anchor the assembly lines, but will market, create, and imagine new products for a better world. Although the transition may be difficult, a new and more prosperous day is on the horizon.
 

Comments (0)

Subscribe to this comment's feed