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Asian Mercantilism and the Decline of America

A great economic myth stalks the world. It is the myth of free trade. There is nothing wrong with the doctrine of free trade as expounded on by Adam Smith in his legendary work, “The Wealth Of Nations,” except that it does not currently exist. What currently exists is Mercantilism.

GM’s Collapse – A Story of Prosperity, Decline and Defeat

Michigan is sad. I hear about it everyday from the family and friends I have who still live there. “It’s a sad day for Michigan,” my mother says nearly every time she calls. “But the weather is nice today,” she concedes. Michigan is sad, as is the country, after GM’s collapse. Indeed, we should not downplay the significance of GM’s apparently ineluctable filing of Chapter 11 bankruptcy on 1 June 2009 – more than a century after GM’s founding on 27 September 1908. It comes as an unsurprising but hard-to-swallow finale to a decades-long decline in market share and profits. Unfortunately, the purported predictability of GM’s demise, or a comprehensive understanding of why it occurred, does little to soften the blows endured by manufacturers, auto workers and Americans in general as a result of GM’s fall and ultimate collapse.

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