Clyde Prestowitz May 30
It is also important to remember Stolper/Samuelson's amendment to neo-classical Hecksher/Ohlin free trade theory. They pointed out that in trade between a high wage and low wage country, wages in both countries would even become similar. In other words, they would decline in the high wage country. Trade economists like to talk about consumers and consumer welfare, but consumers are also workers. Thus, what is given with the right hand, may be taken back with the left.