Global trade is a hot topic of the G7 summit in Canada. Is free trade truly free - and fair? What roles do US President Trump, economic powerhouse China, and the EU play in global trade?
When it comes to global trade, it would seem that trickery, threats and deception are the order of the day - yet all this takes place largely beyond the reach of the public eye. Donald Trump has made "America First” his agenda and rallying cry. Along with aiming sharp criticism at global export champion Germany, Trump has also introduced punitive tariffs and warned of further measures. Will this fresh wave of protectionism lead to economic isolationism and threaten global free trade? And what about those for whom free trade’s promise of prosperity increasingly rings hollow? Around the world, many people have come to regard themselves as the losers of globalization. If the true winners of free trade and globalization are not ordinary citizens, has the time come to revise the liberal orthodoxy of free trade? This documentary visits Germany, Switzerland, the United States and Cameroon to explore these issues by way of some everyday examples, including the trade in onions, floor tiles, and bicycles.
DW Documentary gives you knowledge beyond the headlines. Watch high-class documentaries from German broadcasters and international production companies. Meet intriguing people, travel to distant lands, get a look behind the complexities of daily life and build a deeper understanding of current affairs and global events. Subscribe and explore the world around you with DW Documentary.
Subscribe to DW Documentary:
For more documentaries visit:
DW netiquette policy: http://www.dw.com/en/dws-netiquette-policy/a-5300954
not 1 mention of the fact that there's no free trade within the usa itself; taxes, regulations, unions, permit, licenses; that's what destroyed your economy;
they did it to themselves, but good little narcissists that they are; they only care about blaming others;
the western world is still fascist aka collective narcissism ... as long you refuse to learn from your mistakes; you're going to repeat those mistakes
The biggest danger of unrestricted, international trade is this ....
If your domestic producers stop production because they can not compete against foreign products, then your nation becomes dependent on foreign nations. Later, those foreign nations can control your nation because your nation lacks production of vital products. For example, if your country can not produce enough food (or energy or whatever), then that foreign nation can threaten to stop selling food (or energy or whatever) to you. Of course, if that happens, you can increase domestic production, but it takes time, and maybe some people will be dead or greatly suffer before domestic production is increased. Or what if there is a war, and global trade is interrupted? How long can your nation survive without imports?
In general, competition is healthy for economies, but if that competition (whether it be foreign or domestic) results in the formation of monopolies or cartels, then such competition should be restricted or taxed or somehow weakened.
Overall message that "Poor countries are "also" suffering due to developed countries is good. But I personally feel this report is quite incomplete as they did not visit china and see their point of view, all countires who have great + surplus are one or other way making others lifes diifcult
America got screwed in this whole mess. I wish America would wake up and create new or bring back a lot of manufacturing jobs. Americans need more jobs!! We need a variety of jobs too (manufacturing, office, retail, technology, food, etc., etc.). Instead of all the babble, people in power need to actually DO SOMETHING and get Americans back on our feet and back to good jobs!! I'm so sick of what I have seen over the last 20 years! I'm so glad something is finally being done to try to protect our jobs. I'm all for global trade. I have nothing against doing business with other countries, but it has to be fair and American jobs should always be protected.
China is able to do what they are doing because there are no regulations whatsoever in the entire country for things like pollution, or even worker's rights. It's no secret about the suicide nets around the buildings in a factory complex. That right there is the imbalance in the market. The rest of the world should demand or force reforms on China in these regards, or collectively refuse to import any product Chinese in origin. 200% Tariffs would be a good start, but it would only lower the Chinese standard of living even further.
great program, you`d think that we`d know more about this as citizens of the EU, the rhetoric is all free trade as if it`s a righteous goal, what I don`t understand is why the African countries have signed up to the trade deal, they must receive some benefits, other wise it doesn`t make sense.
Developing countries like us in the Philippines are the ones who is vulnerable by the negative effects of free trade and globalization. For example we had once a thriving textile and shoe industry but since in the 90's when our government enters the free trade agreement, all of these industries that i mentioned are already closed because they cant compete anymore with cheap imports.What in the hell they are bringing cheap imports even if the local industries can provide the demands of the local market. Governments must carefully studied these trade agreements if it is necessary to the needs of their country.
Excellent documentary. So true. Industrialists and politicians hate protectionism - except for their own back yard. Free trade is a myth- it doesn't exist now, it won't exist in the future. Democratically elected governments have an electoral obligation to protect the jobs and income's of their citizens. There should be a balance between total tariff free exploitation and monopoly and tariff paralysis. The task of the WTO is to find that balance
free trade...if your chinese maybe. free trade has caused alot of domestic harm to each country and the EU has basically set up a union like on a job site to protect members. but like most unions, they have stopped working with members and just started saying who transports/exports what inside the eu and anything going outside gets negotiated by a foreign country who doesnt seem to care if it damages your local economy.
Taiwan: so that's where the rules say value is added, so the tariff is lowered to 15% from 50% although the components are of Chinese origin. False. Taiwan wields clout economically and politically than Cambodia, Tunisia and the handful of countries which were hit with the larger tariff and I'm sure they would react none too Kindly if taxed higher through their other industries. And that bishop owner isn't selling cheap imports because he's flipping them for the going rate of what he would normally sell bikes for. This discounting isn't going to the consumer. Those bikes should be selling for $50 each if the market is flooded.
Free trade is an ideal. We should be shooting for as close to free trade as possible allowing for adjustments per countries laws and cultures. But when you have fraud and no legal recourse in world courts you have to have some means of mitigation.
Chinese steel and aluminum ordered by my business almost always come in "soft". When we've sent samples for testing it's always come back with too much slag in the steel or higher compositions of cheaper metals in the aluminum alloys. And when you attempt to question the seller they get back to you months later or just try to give you more metal at a discount. You can't hold them to any sort of quality control or safety standards. All you can do is use the metal on low fail parts and buy quality metals from other vendors. But now you have to watch what is now sneaking into their shipments too. It's made sourcing much more difficult. It's like bad mortgages showing up in AAA rated securities.
Labor. Cheap labor dominates free trade. So if a domestic industry as basic as clothing manufacture is incapable of competing with a foreign nations cheap labor, it means that the importing nation is going to suffer because millions of its citizens with the same skills are just out of a job. When it comes to innovation and scientific advancement, free trade is meaningless. Some trade needs to be regulated. Some trade will not be regulated, even if governments want to regulate it.
I feel sorry for us in africa..bcoz we dont manufacture but just produce..we grow 80% of worlds cocoa.but only account for 3%of worlds chocolate industry..maybe our farmers should go on a 5 year break n see how the billion dollar chocolate industry will collapse
This trade bs is only possible because oil is available for cheap for certain countries. Otherwise anyone with two working brain-cells understand its very stupid to import cheap goods from another continent... This may be a huge problem but its a short time huge problem, lets see in 20 years if we'll still get 1$ crap imported from China all the way to America on ships bigger that some cities...
I hate "Made in China" products. Absolute crap! I'd much rather pay more for "Made in America" or made in "Germany" or made in "Japan". Chinese products fall apart, have a very short life, are toxic, they are just crap.
China steals $550 billion a year from the U.S. in intellectual property rights - tech they copy and sell in their products. If they paid that, the trade deficit the U.S. has with them would be gone. #patents
President Trump is right. Free trade is a myth.
American manufacturing industry has been virtually destroyed by cheap Chinese dumping practices. America makes money now mainly from big industries like Boeing manufacturing airplanes, several automobile industries, etc. The rest of the income come from dotcoms like google, facebook, etc.
Trump is pushing for zero tariffs. That way foreign goods can come in freely, as much as American goods enter their respective countries. In that case, the best product wins.
good documentary - I have said for many many years free trade is a scam, just like privatisation of public assets. Only the top end of town benefits as those dirty swine make the rules and have the power to enforce them. Something needs to change and soon !!!
This stupid proteccionism only helps germany! and fucks hard countrys like greece, protugal... if you tax 50% bikes on chinese who pays the fucking 50%? THE CONSUMER. Portuguese could buy from chinese and save 50% ! but no...they have to pay double to the fucking germans!
I don't understand how home grown onions are expensive than the ones from Europe? I do grow onions in my field in India, and I understand that at times workers' wages increase my overall expensive from season to season, but can't understand how a produce at an higher wage country, exported comes at a cheaper rate than one grown in a country where wages and other expenses are relatively very cheap.
So earlier Europeans colonized the whole world to plunder and loot so that they could benefit their respective home country, by losing some military. Now Germany leads the way showing everybody how to do the same under the disguise of "free trade" using WTO's unfair agreements.
How about we analyze this further by viewing free trade from the consumers' perspective, especially poor people in countries like Camaron . So the EU decreased the price of chicken for the poor and maybe allowed for someone who wouldn't of eaten meat that day to do so and the solution to this problem is what? This happens globally good intention end up with shitty consequences for poor consumers. Free Trade is the only thing that has allowed for most countries to have transportation, energy, and whatever technology they use on a daily basis.
Lives in 4,000 sq.ft. house, with just 2 people. Claims she buys recycled goods because she cares about the environment.(which she likely learned when she flew 1st class to a two day conference in Micronesia) Doesn't support America First Trump, but claims to care if things were made in the USA. Why? Because virtue signaling is the most important thing to these hypocrites that really, selfishly only care about themselves, due to THEM specifically getting screwed over somehow, or being shamed by other Liberals with similar experiences. If it doesn't negatively effect these people directly, or gain them social status points with other Leftist hypocrites, it means nothing. Really, the very worst kind of person.
Trade should be free and open, without constraints, if you have something to offer and people want it, they'll buy it. Don't want a government to add additional costs to it so people will buy a lesser quality local product.
Free trade will create a market place where all providers (be it product or services) will need to strive to provide the best quality product, in a world wide marketplace.
So many falsehoods propagated by this piece.
How can a documentary on trade and protectionism avoid talking about the jobs killed by protectionism? Or simply ignore current account balances? Or the much higher amount of goods money can buy with free trade, ESPECIALLY if a foreign government subsidizes their production?
I can see opening markets slowly, but there is no economic argument for keeping them closed.
I country x makes cars for $1 and bikes for $0.50, it still benefits from trading with a country that makes cars for $100 and bikes for $25. Both countries benefit. Look up comparative advantage if you don't see how.
The U.S. built its worldwide empire and a level of wealth the world has never seen while running a "trade deficit" almost all that time. The drop in manufacturing jobs over the last few decades is something that all countries should ASPIRE to - 85% from automation and 15% from shifting trade. That 15% helped lift much of the world's population out of abject poverty, while also benefiting the U.S.
Jobs killed by protectionism? So if a country demands an even trade deal its killing jobs? Talk about arguing against your own countries interest. I tell ya what. I will make you an offer & if you dont accept it your killing jobs. OK, I want to start a business but im broke so I need you to fund it. With your funds ill create 1000 jobs but if you dont fund it that will be 1000 jobs you killed. So if you dont take that deal your a protectionist killing jobs. Now when you get into the lobbyist side of things where the people gathering the funds get a cut and the original people funding get nothing & stuck with the lose. Please explain to me how this is FREE TRADE & not a scam. You also have to consider that politicians are using money thats not theirs. Also its not the responsibility of any country to take on debt & bad deals to help build up other countries economies. This idea DOES NOT WORK. If it did we would have seen progress in the last 40 years. It doesn't work because you cant GIVE AWAY THINGS and expect it to be treated as the same things others have had to earn. America can not keep outsourcing its industry & keep paying high tariffs to other countries. All this scam is about is CHEAP LABOR & wages can not go up if we keep up this practice. Whats sad is that the American Agricultural Unions have chose to combat the uneven trade deals by importing cheap labor. Its not rocket science & its only making America poorer, more in-debt, while Politicians get rich. The FREE TRADE LIE is actually a WEALTH REDISTRIBUTION TACTIC. I thought these conservatives were against that. When you go buy something do you offer more money than it cost or offer more value i trade for the thing your buying? If a politician has an idea to lift the worlds population they should tell the American voter that when running for office. If Americans knowingly vote to do that its a different story. The drop in manufacturing jobs has hurt America & its been by design & sold as something thats out of our control. Dont you see how corrupt & dishonest that is?
Its another white libtard explaining a economic concept she has no knowledge of. I hate the sterile white american female narrator voice, wreaks of I have made millions, yet feel the need to rip apart the free trade economy that is getting millions worldwide out of poverty.Tell me why is it in Venezuela theyre trading illegally? because the socialist government is interfering, and literally dont care about their people. What a pile of excrement.
Protectionism is not the problem because you should really protect your “ Locals “.
The problem is competion, where they start to produce cheap product, and let quality suffer the consequences .
What we want is a product that has good quality with acceptable prize.
USA is in problem with deficit. No, they are not. They pay the real work done by someone else with green paper they print since this green paper replaced the golden standard. USA with this act of replacing golden standard with US dollar (using situation being sole superpower in the western world) has enabled itself that all others will work for them for free and always be rich. Now, how they distribute that wealth internally is another problem. So americans should revolt against their domestic elite. And the rest of us should stop buying US dollars and use it as trade currency, in order not give a americans free lunch, because they don't deserve it.
Im shocked how an actual and informative doc made in Western world, is FINALLY considerating the interests of a 3rd world nation, its... never seen before approach!!
Big thumbs up, but still.. im dazzled how in the absence of religion, and driven by profit for one or another 'sponsor', what would push DW to produce an objective and ethical work such as this.
Africa needs to begin to work together and use the EU/US - Chinese rift for its own gain. If Africa was to work together, and use its natural resource richness as leverage against this protectionism, and chinese need for penetration into foreign markets they could begin to close the gap economically
what they said about the german and u.s. economies during the stock martket crash and the depression is false.!germany was recovering after ww1..after the stock market crash the u.s. re-patriotized billions of dollars from germany ,which forced them into a depression along with the u.s.. because of the shylocks and thieves in the banks and u.s. stock market the extremists gained power after the citizens had seen what the pattern they have now and what they had then is set up to produce...henry ford was a huge success and was 1 of the highest paying companies at the time because of the harsh stance he took on not dealing with the corrupt system.all his employees had homes cars everything they needed because he refused to bow down to the bankers and stock market.
the guy selling biciscles is such a hipocrite, he is happy that the eu puts tariffs on china made bicicles to protect the german brands, when he buys the same china made bicicles assembled in taiwan and branded as german so he can charge more. If no trade tarif would be applied the end consumer would get a better deal.
poverty is a fiction as far as what am seeing we (the world) is producing more the goods must be affordable for people that are very remote and extremely poor, the poor is bases of the labour force yet it seems the can't afford these commodity that are being produce,now I hope u understand why I say poverty is a man illusion?
What an eye-opener! My God, can Donald Trump, as much as I despise him, be right about the trade imbalance?! And look how it's all connected: if you force other countries into poverty, then of course they will send immigrants to Europe.
The means of production has been purposely reduced to hinder the economic growth in most 1st world countries, this is part of the plan to destroy the sovereignty of western countries by the UN and EU. They want to set up totalitarian regions. The EU is using the tip toe totalitarianism to destroy Europe. We the people of Europe are not blind nor stupid. The downfall of the EU is just around the corner.
Free trade is probably more palatable in a society that believes in self-reliance e.g. supply-side policies, rather than protectionsm. But if competitors are more competitive due to things like pollution and dumping then I guess that's a different story
Freedom for what, is freedom from what, should be the 1st civics lesson for peoples of free nations. This is a neglected question, and turned into accusations of being against freedom. Environmental/health laws/medical cost, are frequently pulled off the bargaining table, but the lead to unstable positions(somebody is paying that bill). State run, or private healthcare able to bargain out people, hmmm, Reflect The Freedoms given in the deals. Freedom to do and be responsible for your actions, relative to peoples affected, is not a world we live in. Going to x country from Y country to avoid administrative wisdom, one persons freedom can flip the argument to another persons socialism because we have blinders on. Add life and equity, you'll get classification of countries abilities and different administrative perspectives. Thanks DW for your documentaries provoking the world. Even now I just realized my perspective on the EU as either a economic versus a social\economic union drastically reframes brexit arguements.
There are 3 major pitfalls with reaching consensus around the outcome of an event.
These fully specified, manipulation resistant, and publicly verifiable events form a necessary foundation for sound prediction markets. Without this foundation, prediction markets are subject to confusion, manipulation, and abuse. Though sometimes tricky, many prediction events exist that satisfy all of the criteria listed above. As the world moves forward into the realm of decentralized prediction markets, it will be important to keep in mind the pitfalls associated with many naive prediction events.
Sia , by Nebulous Inc., is a blockchain-based decentralized cloud storage platform.
Capital Markets Blockchains Are Finally Getting Go-Live Dates.
Assembled in New York this week, a handful were even confident enough to give firm timetables for production. For those tired of blue-sky talk, it was refreshing to hear large-scale financial infrastructure projects discussed openly and frankly, in clear terms of where they are and when we can expect to see things going live.
Underscoring the seriousness of the undertaking, ASX recently produced an 87-page progress report. Roll-out is targeted for late 2020 or early 2021.
In the weeds.
The enormity of such a project may not be obvious to those unfamiliar with the creaky plumbing of the capital markets.
At the completion of phase one, DTCC will have nodes set up internally for every firm that it knows will run one, plus some general nodes that will take care of supporting the transactions and processing for the firms that do not wish to support a node of their own.
For this project, DTCC has taken a multi-vendor approach. Ethereum-inspired startup Axoni is providing the technology, with IBM helping to manage the project, and R3 providing best practice guidance on areas like selecting the right data models.
Luxembourg is the largest fund management hub outside of the U.S. The jurisdiction holds many trillions of dollars worth of assets under management.
The KPMG-led project includes banks like BNP Paribas, Credit Agricole and others, as well as over 400 asset managers. The technology used is ethereum-based Quorum, the popular open-source project run by JP Morgan.