Friday, December 17, 2004

With the expiration of the Multi-Fibre Agreement (MFA) at midnight on December 31, a great transformation (apologies to Karl Polanyi) will be set in motion in the global textile industry. According the the UN Development Programme, Bangladesh alone -- number 138 on the UN's human development index, one step above Sudan -- will lose upwards of 1 million textile jobs to China.

At least Brad DeLong's great grandchildren will be safe 60 years from now from Chinese aggression thanks to this turn of events. No telling if Shagorika will even have great grandchildren -- or children for that matter.

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