By Doug Porter
The United States and 11 other Pacific Rim nations have agreed to the largest regional trade accord in history, one promising to set international commerce standards affecting 40% percent of the world’s economy.
The deal culminates years of negotiations setting up mechanics for a global economy as the basis for future prosperity. These negotiations never involved questioning the premise of neo-liberal policies as the foundation for economic development in the years ahead. In a nutshell, this means “marketplace” will be the final arbiter in the global economy.
The rules of the economic game, as laid out in previous trade-pacts, are seen by the left as driving forces in the widening of economic inequality. This, along with parochial and nationalist concerns on the right, sets up the Trans Pacific Pact (TPP) as a defining political battle as the US heads into an election year. [Read more…]