TO IRVING FISHER (1867 - 1947)

WHO WAS THE GREATEST ECONOMIST OF ALL TIMES                                                         COPYRIGHT NOTICE                      All rights reserved, 2021.

   Imagine for a minute that during the Industrial Revolution all those factories were relocated from England to China in search of cheap labor.

   Which country would become the world power in the next century?

Development of classical economics started together with Industrial Revolution. Classical economists, most of them British, advocated free market and free trade, but NONE of them recommended relocating production to another country where labor was cheaper. What was it that classical economists did not understand about benefits of globalization?

   In America, if you are a bright kid, you want to become a litigation lawyer or you can go to a business school to earn your MBA. Specialization? Globalization! You will learn the optimal business strategy — close your shop in America and relocate to China! A few decades ago China was exporting low-tech goods to America. As relocation to China picked up the speed, high-tech manufacturing also started to move to China. Today high-tech research and development is increasingly being relocated to China. Today there is no economic reason to keep any high-tech manufacturing or R&D in America. China has a brilliant strategy of economic development. They keep the prices of agricultural goods high enough for American farmers to keep exporting to China. China is becoming a high-tech nation, while America is becoming “post-industrial.” If the current trend is allowed to continue, by 2040-2050 America will become an agricultural colony of China. America will become the first superpower to commit economic suicide by globalization. Please visit