Business, 07.04.2020 00:59 alyo31500

Excerpt from Powell's speech:
"Now they are all coming here wanting textile quota relief ... Why? Easy entry-level jobs. Easy factories to put up. Labor-intensive factories, not high-tech. It takes lots of people to make fabrics into clothing... Put a source of wealth-generation out in the countryside, and absorb their population and give these people not our minimum wage, but a minimum wage that in their country means a lot. Most of my day is not spent with high negotiations. It is spent with textile quotas, because people are realizing more and more that open trading systems, the flow of goods back and forth...
We just came back from China a few weeks ago. The president went to the APEC (Asia-Pacific Economic Cooperation) Summit (in Shanghai). And you see this city that is just incredible. It's a metropolis that is almost like a theme park. And it was created by communists who realized communism doesn't work. So let's call ourselves communists, but man, let's sell to kmart. And that's what they've done. And they want those barriers broken down. Forty percent of their product comes to the United States of America. If we ever shut off that trade with China, then China will go bankrupt. They know that.
So we will deal with them on human rights, and we will push them on democracy, and we will push them on selling the wrong things to the wrong people, because we know that the biggest tool we have with them is not the size of our army but the size of our market. And it's our American investors, who are going in there and helping them, and then they sell to us, they become wealthy and then they buy from us. So that's why open trade is so important, that's why the World Trade Organization is so important..."
Source: "The New Powell Doctrine, Export U. S.Values" Detroit Free Press 13 Nov. 2001.

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Excerpt from Powell's speech:
"Now they are all coming here wanting textile quota relief ......

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