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June 26, 2006
Free Trade is the Real Charitable Gift
Greg Mankiw offers the following comparison from the pages of today's New York Times:
Philanthropy: Warren Buffett's gift of his $44 billion fortune, most of which of is going to the Bill and Melinda Gates Foundation.
Free Trade: The $54 billion annual gain to the global economy, according to a study by the International Food Policy Research Institute, if the current deal on the table regarding agricultural subsidies at the Doha Development Round of trade talks is accepted by all nations.
As Mankiw observes, success in agricultural free trade talks can deliver more good to global society in one year than the accumulated lifetime result of the world's most successful investor.
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