Raymond Richman - Jesse Richman - Howard Richman
Richmans' Trade and Taxes Blog
Pfizer moving R&D from Connecticut to China
Howard Richman, 2/25/2010
Pfizer may be the first American company to respond to China's demand that they move their R&D to China in order to do business with the Chinese government. The following is an excerpt from an article (Western Firms move R&D and other Assets to China) in the February 25 issue of China Daily:
New York-based Pfizer said last month it's expanding R&D operations in Wuhan, China. At the same time, it's closing a big R&D center in New London, Conn., and consolidating research at its Groton, Conn., lab. Pfizer is also sharply expanding its R&D facility in Shanghai and raising drug output in Dalian, in Liaoning Province.
In December (see Obama Giving U.S. R&D to China), China issued new rules requiring that American companies move their R&D and patents to China. President Obama's response was to take a "tougher tone" with China. Nicholas Lardy of the Peterson Institute said Obama was “trying to head off critics in Congress who think the administration is lying down in front of the Chinese.”
Comment by Zbigniew Mazurak, 2/29/2010:
I guess you gentlemen didn't need to wait long for your prediction to be proven correct.
Stripping America of its industry would basically mean downgrading the US economy to its pre-1800 status.
Archive Sep 2010
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- Germany, Greece, the Euro, and the Gold Standard
- McCain's economic advisors cost him the Presidency and may cost him his Senate seat
- The Costly Obama Stimulus Is Not Working
- Pfizer moving R&D from Connecticut to China
- Obama giving US R&D to China - we're published in today's American Thinker
- A Review of W. Raymond Mills "Managing ForeignTrade"
- IMF figuring out capital inflows; U.S. still clueless
- Review of: Ha-Joon Chang, Bad Samaritans:The Myth of Free Trade
- China's not selling. China's Buying
- US Companies Required to move Research Centers to China
- Obama “trying to head off critics in Congress who think the administration is lying down in front of the Chinese”
- Ralph Gomory: Does America Need Manufacturing?
- "Playing Chicken with China" - we're published in today's American Thinker
- ABC News on Green Stimulus Jobs Going to China
- Restore American Jobs and Do It Quickly
- Bernanke starting to raise interest rates
- No growth in US goods exports to China in 2009
- Obama's Failing China Strategy
- Summers says everything is fine in our China relationship
- Richard Duncan, The Corruption of Capitalism: A strategy to rebalance the global economy and restore sustainable growth (Hong Kong: CLSA Books, 2009)
- Chinese Government and Obama are Playing Chicken
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- Judith Stein: US government research funds should require that the developed products be produced here
- Kenneth R. Davis: Buffett Plan is "long overdue"
- Peter Morici's Currency Conversion Tax to End Mercantilism
- Morici Proposes a Scaled Tariff Variant to Confront China
- Summers was given the royal treatment in China
- Summers heads to China to rescue U.S. recovery
- Commerce Department refuses to investigate Chinese currency manipulations
- Unions Divided on China Policy
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- Scott Paul: The Onshoring Trend is Phony
- Greg Richards: "We must be much more aggressive with mercantilist countries in enforcing the rules of the road so that we protect out production and technology."
- Barr McClellan: "Malaise has returned"
- Krugman: "We're in a world in which mercantilism works"
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- Obama giving US R&D to China - we're published in today's American Thinker
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- Peter Morici: Open Trade is Failing America
- "Playing Chicken with China" - we're published in today's American Thinker
- ABC News on Green Stimulus Jobs Going to China
- Restore American Jobs and Do It Quickly
- No growth in US goods exports to China in 2009
- Obama's China strategy
- Summers says everything is fine in our China relationship
- China is Playing Chicken with Obama
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- Kenneth R. Davis: Buffett Plan would make the WTO irrelevant
- Peter Morici's Currency Conversion Tax to End Mercantilism
- Ha-Joon Chang takes on Free Trade in his book The Bad Samaritans
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Wikipedia:
- [An] extensive argument for balanced trade, and a program to achieve balanced trade is presented in Trading Away Our Future, by Raymond Richman, Howard Richman and Jesse Richman. “A minimum standard for ensuring that trade does benefit all is that trade should be relatively in balance.” [Balanced Trade entry]
Journal of Economic Literature:
- [Trading Away Our Future] Examines the costs and benefits of U.S. trade and tax policies. Discusses why trade deficits matter; root of the trade deficit; the “ostrich” and “eagles” attitudes; how to balance trade; taxation of capital gains; the real estate tax; the corporate income tax; solving the low savings problem; how to protect one’s assets; and a program for a strong America....
Atlantic Economic Journal:
- In Trading Away Our Future Richman ... advocates the immediate adoption of a set of public policy proposal designed to reduce the trade deficit and increase domestic savings.... the set of public policy proposals is a wake-up call... [February 17, 2009 review by T.H. Cate]
Feb 2010
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