"Free trade is...

... a substitute for people actually having to move."  Stiglitz says this on p. 67.  An intriguing sentence, and one we might discuss.  Many of you have already expressed questions and concerns about rising inequality, and when we talk about this in the U.S. over the last 30 years or so, the potential role of globalization is often overlooked in the debate.  The focus tends to be on domestic tax rates (for high- and low-income people) and the resulting returns to capital vs. labor.  We should keep in mind this is an international story as well as a domestic one.  Something our readings for Thursday will address.