Friday, December 29, 2017

Protectionism: against


Classic was defined by Oscar Wilde as an author everybody quotes and nobody actually reads. So much for Marx and Freud, and also for Milton Friedman -who used to be the standard bearer for Republicans in economics-..



Or so it was all the way from Reagan to Romney up until Trump. 




Protectionism is now a bipartisan cause. In these days when the Tea Partiers joins Greenpeace to protest against the evils of Globalization and the "Davos elites" and  pitchforks join sickles and hammers in matching class warfare rhetoric,  trade agreements are bad again.  "Globalist" is a new derogatory term for the Right that -up until 2016- was for it and against Brexits.


While the public opinion judges are out to test once more whether trade deficits matter and trade barriers help or hinder growth, we might benefit from listening and reading again Milton Friedman on the subject.

Here, debating a protectionist from the Left (then the only kind)



And here a more recent book comparing voters and economists views on economics, aptly titled "The Myth of the Rational Voter" by George Mason University professor Brian Caplan:



Finally, let's add Friedman's take on globalization from his classic "I, the pencil" article that he explained this way:



This is the way the "Right" or the Republican party in US used to think and classical liberals (as they are called) elsewhere still do.

No comments:

Post a Comment