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.
We should not only allow global capitalism; we should welcome it and foster it in every way possible. It is time to rephrase Karl Marx: Workers of the world unite for global capitalism; you have nothing to lose but your poverty.
The false principle that fueled Trump’s trade war relates closely to his authoritarian response to the Wuhan (Covid-19) virus.
When there is a shortage of medical supplies, going out of our way through nationalism, mercantilism, and “protectionism” to make them more expensive will hurt people. Free-market capitalism and free-trade amongst nations is the rational solution.
The human condition has been and can continue to be radically and amazingly improved, if only personal freedom and free markets are allowed to work their wonders on our global community of free trade and networks of voluntary association.
The best aspect is that it keeps intact 90 percent of the old NAFTA; the worst is that what is mostly new and unique in USMCA is protectionist and economically destructive.
The coherent and correct case for free trade is, again, a case for unilateral free trade, one that applies to each country individually (with exceptions for isolated circumstances such as national defense).
First, the good news: the U.S. and world economies have not imploded, so far, as fallout from the rising trade tensions between the Trump administration and Xi Jinping’s government in China. Now, the bad news: there is no certainty that this will...
If we Americans are indeed made better off the greater are foreigners’ demands for our exports, how are we made worse off by foreigners’ economic success given that such success invariably increases their demands for our exports?
The U.S. constitution gives the trade power to congress alone.
Besides making Americans poorer than they otherwise need to be due to Trump’s tariff wars, the president has arrogantly used executive authority to arbitrarily impose higher import taxes (or their threat) at his own discretion and whim.
A patriotic American acts as a capitalist and an individualist: he buys the best, wherever it may be found.