People often criticize free trade because it sends jobs overseas. Where will the newly unemployed find work? Where are these "new industries" that globalization supporters say will spring up? Here is one. An excerpt:
Even so, intelligent fabrics hold out hope for western manufacturers. Although Europe and America can no longer compete with Asia on production costs, the introduction of technical, patented innovations gives the rich world's textiles industry a fresh chance. David Brookstein, dean of the textiles school at Philadelphia University, observes that "America and Europe's strength is in intellectual property. We can no longer manufacture textiles, but we can manufacture ideas." In Germany, where the textiles industry has shrunk by a third in the past decade, so-called technical fabrics now account for 40% of total textiles output.
The Luddites have been proven wrong time and time and time again, yet many people still think technology makes the world a worse place, not a better one. When will they learn?
This is the kind of innovation you get when freedom and capitalism intersect.