Rogoff: Inequality Is Fault of Tax, Not Trade

The transcript discusses the relationship between inequality and free trade, arguing against protectionism. It highlights challenges in US exports, particularly in natural gas, and examines the global repositioning of commodity demand. The impact of China's infrastructure development on steel demand is analyzed, along with the transition from capex to opex commodities, indicating a shift in global economic dynamics.

What is the suggested approach to address inequality while maintaining free trade?

• Implementing protectionist policies

• Reducing exports to balance trade

• Increasing tariffs on imports

• Introducing a simpler and more progressive trade system

Which country was mentioned as not wanting US exports, particularly natural gas?

• Kazakhstan

• Brazil

• India

• Indonesia

What is one reason for the current state of oil tankers around the world?

• A shortage of oil storage facilities on land

• An increase in global oil demand

• Arbitrage opportunities between spot and forward prices

• A decrease in global oil production

What has caused a decrease in global steel demand according to the transcript?

• A global economic recession

• An increase in alternative materials

• China's completion of major infrastructure projects

• A decline in construction projects worldwide

What is the main focus of the transition discussed in the final section?

• From a capex commodity economy to an opex commodity economy

• From a local economy to a global economy

• From a service-based economy to a manufacturing economy

• From a fossil fuel economy to a renewable energy economy