Governments have sold their bonds to fund vote-buying welfare state spending, or expanding bureaucracies with loyal supporters of power-hungry politicians, or on delusional dreams of military power, or colossal public works projects hailing the greatness of the dictatorial or democratically elected leader.
Economic warfare threatens a downward spiral with reduced trade among nations, and declining standards of living from following this wealth-destroying path.
Preferring American-made products to those made in China or Mexico just because they were made in America, does not enhance American prosperity.
Truly free trade can only take place in free markets, not in the prevailing mixed economies where governments pick favored trading partners
Those countries that embrace free trade with new technologies stand to reap great rewards. Those who do not, and revert to trade protectionism, could experience economic recession and monetary adversity accompanied by serious social and financial upheaval.
Protectionism is not a recipe for prosperity—free trade is.
Americans will most gain from whatever trading opportunities that may offer themselves around the globe if the U.S. government follows a strict and principled policy of unrestrained and unrestricted free trade with any and all nations of the world.
“The philosophy of protectionism is a philosophy of war.”
International trade operates under the same general principles as domestic trade.
Is the protection of domestic jobs more important than the protection of individual rights?
Protectionism fully implemented across all industries would mean a lower standard of living, because it would result in capital and labor unnecessarily being diverted into the production of goods that could more economically be produced elsewhere.
With apologies to his fans, Jerry is an evil little mouse who constantly pesters Tom the Cat. Tom tries and tries, but cannot seem to overpower someone who is a fraction of his size and strength.
Watching Stephen Moore attempt to debate Paul Krugman was like that.
All who participate gain from international trade, and all are made poorer to the extent that governments interfere or prohibit the freedom of trade among the peoples of the world.