No Pop Internationalism
12 March 2007
Editor, The Wall Street Journal
200 Liberty Street
New York, NY 10281
To the Editor:
Kudos to my colleague Russ Roberts for reminding us that fears today of China's investments in dollar-denominated assets are as foolish as were fears 20 years ago of Japan's investments in these assets ("Protectionists Never Learn," March 12). I hope Paul Krugman reads Russ's essay.
In his June 27, 2005, New York Times column, Krugman argued that China does pose a problem today for the U.S. because the Chinese differ from the Japanese: "One difference is that, judging from early indications, the Chinese won't squander their money as badly as the Japanese did."
What a peculiar theory Krugman peddles: we Americans should welcome foreign investors only if they are wastrels. Responsible investors, Krugman believes, are a threat.
Krugman's theory sounds to me a lot like pop internationalism.
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
Editor, The Wall Street Journal
200 Liberty Street
New York, NY 10281
To the Editor:
Kudos to my colleague Russ Roberts for reminding us that fears today of China's investments in dollar-denominated assets are as foolish as were fears 20 years ago of Japan's investments in these assets ("Protectionists Never Learn," March 12). I hope Paul Krugman reads Russ's essay.
In his June 27, 2005, New York Times column, Krugman argued that China does pose a problem today for the U.S. because the Chinese differ from the Japanese: "One difference is that, judging from early indications, the Chinese won't squander their money as badly as the Japanese did."
What a peculiar theory Krugman peddles: we Americans should welcome foreign investors only if they are wastrels. Responsible investors, Krugman believes, are a threat.
Krugman's theory sounds to me a lot like pop internationalism.
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
Posted by Don Boudreaux on
Tuesday November 6, 2007 at 1:16pm