One of the most egregious misunderstandings about trade is that the government of country A should allow its people to trade freely with peoples of other countries only if governments of, and producers in, other countries “play by the rules” – which usually means “plays according to the rules that the rulers and politically powerful […]
In today’s globally connected world with dynamic global supply chains for raw materials and inputs, and global marketplaces for final sales, it’s an economic fact of the modern world economy that: a) exporters are importers and b) importers are exporters.
This piece was originally published at the L.A. Times. Foreign trade took a beating at both major party conventions, with speakers blaming free-trade agreements for all but wiping out U.S. manufacturing and eliminating millions of middle-class jobs. Both Donald Trump and Hillary Clinton have promised to renegotiate or abandon trade agreements with key U.S. trading […]
As the election season heats up, candidates from both sides of the political spectrum seem to agree on one thing: Free trade hurts Americans. There is also a fierce debate about whether—or to what degree—free trade increases income inequality in the country. As commentators continue to disparage free trade (often on products like smartphones, computers, […]