Gates and Buffet Defend Free Trade

From an interview with Warren Buffett and Bill Gates in the Oct. 31 issue of Fortune:

GATES: “I believe in the basic principle that trade is a supergood thing. I’m very worried that the reaction to this imbalance [the trade deficit] is to put on trade restrictions to bring imports down, which would lead other nations to do similar things. I think the greatest danger is something that would slow down the benefits that the free trade system has brought.”

“It’s too bad that economics isn’t taught or a hobby for lots of people, because you do run into those who seem to say, ‘There’s only a certain number of jobs.’ That’s not the case. Let’s say tomorrow we could decide that everyone in India is as rich as we are. Would the world be a better place? Certainly. Would the U.S. thrive more because of the great products and work that would be done over there? Absolutely. The world getting richer is a great thing. It has been a great thing. It will continue to be.”

BUFFETT: “It’s not a zero-sum game.”

GATES: “Right, that’s the key.”

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2:38 pm on November 3, 2005