For nearly a few centuries, the northern Atlantic was the center of the world economy. This era is over. It has been over for some time. Since the early 1980s, more goods cross the Pacific than the Atlantic. This is a crucial development in our life time. Neither the 1997-98 Asian Financial Crisis, nor the Great Recession changed altered this fact. This Great Graphic from the Economist illustrates that Americas trade with Asia-Pacific dwarfs trade with Europe.
Some observers think that with the Republicans having a majority in both chambers, they are more likely to grant Obama Trade Promotion Authority. It was the Democrats in the Senate that blocked it from coming to a vote earlier this year. Yet, this seems somewhat naive. It is not a question of principle. It is a question of politics. Why would the Republicans facilitate an important legislative success for the Democrat president ? Moreover, the other principle involved here is the constitutional right of Congress to advise and consent, which some argue is abdicated in Trade Promotion Authority, which allows the executive branch to negotiate, largely secretly, and then present to Congress for an up-down vote.
