Open Trade or Trade Blockades?

Imports Threaten U.S. Economy– “The nation’s insatiable appetite for foreign-made goods has joined energy as a brake on the economy.”

Because everybody knows that imports hurt a country while exports help?

Really?

Blockading Ourselves:

“… it is curious that nations at peace regularly blockade themselves by pursuing policies which restrict imports…”

“…exporting without importing is counter to a nation’s well-being; it reduces the availability of goods and services to the inhabitants.

From the time of Adam Smith and David Ricardo, economists have carried the torch for free trade. It is common to hear people say that economists have won all the formal debates on the subject, but have been steady losers in the political arena. Curiously, economists have not trumpeted the fact that governments’ wartime actions are consistent with the free-trade doctrines of Smith and Ricardo….”

Bonnet Tip: FEE.

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