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Bonus Quotation of the Day…

… is from page 105 of my Mercatus Center colleague Dan Griswold’s marvelous 2009 volume, Mad About Trade:

imagesThe “race to the bottom” is yet another common myth about free trade and globalization that is refuted daily by what is actually happening in the world.  If the theory were true – that a major driver of investment decisions for American multinational companies is a remorseless search for cheap labor and low standards abroad – then we should expect that most outward foreign investment from the United States would flow to low-wage, low-standard countries.  The reality is quite the opposite.  The large majority of U.S. outward investment flows to other rich, developed, high-wage, high-standard countries.