Tag Archives: free trade

It is time for a review of the hip thigh bone theory of the world. The theory is based on the 1920s African-American spiritual “Dem bones, Dem Bones, Dem Dry Bones.”

The ditty in turn was based on a Biblical passage in which a collection of dry bones reassemble themselves before the astonished eyes of the prophet Ezekiel.

The foot-tapping, hand-clapping tune is a roof raiser in evangelical churches around the world. It is also a popular song in young children’s anatomy classes.

For the purposes of this article, however, it is a perfect metaphor of how the rapidly shrinking and interconnected world has become increasingly dependent on its constituent parts (or bones) working together. Recognition of this interconnectability is becoming increasingly important as the world’s political leaders appear to be intent on disassembling the skeletons and protecting their constituent parts behind fast growing economic, political and – sometimes – physical walls.

Globalisation has become a dirty word. Forget the fact that it lifted hundreds of millions out of poverty in the 1990s and early part of the 21^st century. And that it ushered in decades of growth and low inflation. Substituted in its place is the mantra of “economic security” and “national interests.”

Also forget the fact that the new buzzwords totally ignore reality. Like it or not – that the world body politic has become totally interconnected. In fact, the bones that comprise the skeleton of our globe are not so much connected as fused  and then overlaid with a complex web of nerves, muscles, sinews, international political and trade organs, ligaments and a protective skin of military alliances. In fact, it seems, that the only thing missing from this political metaphor is a functioning brain.

The advantages of free trade are not new. They have been propounded for centuries. They are at the very core of the capitalist’s Bible, Adam Smith’s Wealth of Nations and were later developed by David Ricardo who urged countries to exploit their “comparative advantage” through free trade.