“Quoting page 99-101:

The opening of unregulated foreign trade causes a general shift of production and jobs to the low-wage nations. They experience a rapid rise in production of advanced goods and in the availability of skill-developing and high-paid jobs, rapidly build new factories, and experience a rapid upgrading in their jobs, economic capabilities, and income.

The other side of these benefits to the low-income nations is the corresponding damage to the high-income nations, that are losing the industries and jobs that these nations are gaining. The high-income nations experience an excess of imports over exports, a decline in production of advanced goods and in the availability of skill-developing and high-paid jobs, suffer a decline and obsolescence in their industrial plant, and a downgrading in their available jobs, economic capabilities, and income.

This pattern of trade is anomalous not only because it calls on the high-income nations to acquiesce in their own economic decline, but because it points toward a world-wide failure or collapse. The low-income nations are betting their futures on continued increases in sales of advanced goods in the markets of the high-income nations--but these markets are being undermined by the economic decline of the high-income nations. If the low-income nations have a very large population, and especially if any of the nations in the unregulated-trade group have rapid rates of population-growth, the end result of the process will be that there will be no high-income nations anywhere and no substantial market for advanced goods. In the end, all nations are dragged down. The rise in the low-income nations cannot be extrapolated into the future, for it destroys the conditions by which it is temporarily supported. ...

The final effects on the standard of living of the high-income nation of unregulated foreign trade are similar to the effects of its permitting unlimited immigration. The shifting of the jobs to the low-wage nation has the same effects as the shifting of excessive numbers of workers to the high-wage nation.”