Here is a link to an American Prospect article, about Samuelson's new views on free trade, by Eamonn Fingleton, who wrote "Unsustainable: How Economic Dogma is Destroying American Prosperity: linked text

Paul Samuelson's complete article is here:  linked text

The general economic assumption is that "with no tariffs, quotas or transportation costs free trade will result in all price ratios being equalized." As in all economic discussions it is imperative to pay attention to the qualifiers. One of the reasons economics is referred to as the dismal science is that there is no such thing as a pure free market economy. There will always be government regulations that interfere with the operation of every market.

In his article Samuelson states the simple truth that it is not a necessary requirement that free trade benefits both parties, and also acknowledges that the particular "cure" a country may decide to implement can result in additional economic harm:

One key point Samuelson makes is that what may be the prime benefit of globalization is"globalization's enlargement of market size". Larger standardized markets provide economies of scale and an increase in economic productivity. Nobody is arguing that there are simple solutions to the economic problems caused by globalization and outsourcing. I do not believe anybody is calling for isolationism or building a wall around the United States with permanent tariffs. That is why I like to focus on "fair trade" instead of "free trade".

Here are some possible reforms suggested by TGeraghty in a Fair Trade diary by ToqueDeville at DKos linked text :

Samuelson is addressing the need for solutions to real world economic problems that are caused by unfettered free trade paradigms:

"Fruitful capitalist destruction" has also been called creative destruction. It is a reference to the necessary destruction of inefficient products and companies so they can be replaced by superior products and companies. The global economy and Schumpeter's "fruitful capitalist destruction" is moving so fast and on such a large scale that American workers cannot meet the economic challenges without government assistance. When literally tens of thousands of people are discharged by a single company in a single geographic market, they will need not only extended unemployment benefits, but also educational/retraining assistance; perhaps even relocation assitance.

Samuelson claims that free trade advocates have been playing "a shell game in ethical debates about the conflict between efficiency and greater inequality." He directly addresses the missing debate about the catastrophic effect of economic transformation on American workers. :

Immigration contributes to the globalization problem because it lowers the wages of the most vulnerale American workers. While this is a favorable development for the business community, it compounds the effect of globalization on low or semi-skilled workers. Their jobs are shipped overseas at the same time they are facing increased competition from immigrants and lower wages for the remaining semi-skilled jobs they do land.

Samuelson also acknowledges that the scope and magnitude of outsourcing and globalization have changed in the last five years and the U.S. is no longer setting the pace:

Allow me to add a pithy summary from Inovation and Business Architectures linked text

Free trade is not free. There are winners and losers. The biggest losers in todays globalization economic environment are American workers and we need to give serious consideration to "fair trade" reforms that protect American workers and the American economy.