To make a market replenishment policy more palatable and workable, we might consider imitating certain proposals in which industries would be allowed to buy and sell pollution "rights."
In the case of market replenishment, it would be a matter of obtaining the right to sell a certain amount of goods if you had spent a certain amount on wages. Companies that had a higher percentage of export sales would tend to use a smaller portion of their internal sales rights than others, and could sell whatever was left over to other companies. This could provide a way of minimizing regulatory or government intervention, and letting markets do what theyre best at.
It might also have some other benefits:
It would certainly tend to encourage export industries here in the United States.
It would probably also reduce the appeal of downsizing and layoffs as gimmicks to trick up stock prices, because it would be obvious that any company that did this would be forfeiting some of its inherent ability to sell its wares, and would have to either settle for a shrinking market share, or "buy a market" from somebody else.
Still, none of this could work without some kind of government role. And on the surface, that seems out of touch with the tenor of the times.
We should remember, though, that we very willingly allow government to regulate the exploitation of natural resources, in order to keep the short-term financial interests of a small group of people from damaging the interests of society at large.
We even sometimes do this when relatively few of us will personally enjoy the benefits of such effortsfor example, in declaring certain forests off-limits to clear-cutting. If we can see that it is in all of our interests to retain forests that few of us will ever visit, we ought to also be able to see the much more tangible and direct benefits we all derive from having good enough jobs to constitute a strong market.
Might other countries "retaliate" by doing the same kind of thing? They might indeed. But maybe they ought to. They certainly have a right to protect their own economies internal viability. And the countries that want to export to them also have an interest in ensuring that they continue to provide viable markets.
Maybe what it really all comes down to is a realization that in international trade as in other types of relationships, healthy and capable partners are ultimately the best kind.


