We've argued therefore, in these previous sections that every country engaging in trade benefits. And I don't want to be too repetitive, but again, I want you to remember there's a gain in consumer surplus. There's a gain in global efficiency. Countries move off their production possibilities curves. They have more than they ever could before. Prices tend to fall. The low income families are the ones that tend to benefit the most. But we have just introduced in our discussion of trade and factory incomes, a really important caveat to all of this which is, yes, both countries trade but within each country there is a particular group of people that loses from trade. And this is something that we have to keep in mind. In the richer country, the people who lose are the most vulnerable. We saw that in the poorer country where labor is abundant, labor is gaining, you're getting a middle class, inequality is being reduced. But in the richer country it's the working class that's suffering. So, we need to keep this in mind. We believe that trade benefits us. We believe we can get faster global growth, greater efficiency. We believe that we can use our scarce resources better and maximize consumer surplus. We believe also that if we protect, if we use tariffs as we saw in one of the sections, we sacrifice some of these gains. But the truth as well is that there will be a group of losers in every country. Now, economic theory tells us, if there are global gains and there is a loser, we need to compensate the loser. Okay. So, if free trade is to be truly beneficial to all, the winners within each country must compensate in some way the losers. How do we compensate these losers in developed countries where the losers are the most vulnerable? Where they are the unskilled labor. Well, we would have to place higher taxes on the winners in some form, whether it's a tax on their wealth, whether it's a tax on their income, whether it's a corporate tax. And then we would have to transfer that money to the losers through a number of means, more active social programs in general and labor market interventions for these people. What might that look like? Well, you might invest money in job training. You might invest money in assisting these people to find jobs, more efficient job search assistance. You might give them adjustment allowances, so that if they have lost their job in the textile industry, you might pay for their training and help them to relocate to another area of the country where they might find work. Another proposal is wage subsidies, where wages are falling in the developed country, but you actually provide sort of a subsidy to them that you allow them to fall, but then you add to these people's income. We do this in a limited way through the earned income tax credit in the United States, but it could be done more efficiently a minimum wage subsidy. We just have to keep in mind that under economic theory, anytime there's a winner and loser, and the winner is global and the loser is a particular group. In order for us all to consider this to be beneficial, the winner must compensate the loser. And I would suggest that it's been our failure to effectively compensate the losers. That has led to a lot of the resistance that we're going to talk about in a few moments, to free trade, and has led to some of the movements in the world against globalization, against free trade and free trade agreements to the detriment of all of us who are benefiting from free trade.