“Protectionism” – with the sweet sound of the verb “to protect” – is far too kind and inaccurate a word for a policy that attacks consumers for the benefit of domestic producers. It should really be called “scarcityism,” which better exposes the true nature of government-erected obstacles to people’s access to goods and services.
In mere decades, South Korea has gone from poverty to exceeding average wealth in the EU. But South Korea has not only grown rapidly richer, but also rapidly taller. The average woman there is now 20.2 cm taller than a century ago – almost as tall as the average British woman. This is decidedly not true in North Korea.
Everyone familiar with Star Wars knows that the Empire is bad, and the Rebellion is good. But, why? Seriously. What makes life under Emperor Palpatine so unbearable, and what would make life under the New Republic so much better, for the ordinary citizens of the galaxy?
Sitting in his favorite Irish bar, the French citizen, dressed in his Chinese cotton clothes, sips his Spanish wine from a Polish wine glass while he complains about American pop music broadcast by Japanese loudspeakers. Because he is "tired of this cultural invader," he intends to vote for subsidies to “protect” local culture, meaning the government would force the media to disseminate local bands. But ask him what his favorite bands and singers are and he will look away.
A few days ago, the White House announced that new tariffs will be imposed on imports of Canadian lumber. Happy Arbor Day, now cue the destruction of our domestic forests.
According to most trade economists, tariffs could benefit a country only in rare circumstances, but governments are unlikely to have the information they would need to set tariffs at the "right" level, and governments with the power to set tariffs would almost certainly abuse it. Free trade is valid as a general rule, the general use of which is generally beneficial.
People carry posters during a rally in support of Muslim Americans and protest of President Donald Trump’s immigration policies in Times Square, New York, Sunday, Feb. 19, 2017. (AP/Andres Kudacki)
Never have the stars been so perfectly aligned for the relationship to descend into a devastating trade war.
In Nigeria, upwards of 5 million people face acute food shortages. The reality is that Nigeria’s famine is worsened by protectionist policies that restrict agricultural trade. This leaves the Nigerian people dependent on insufficient domestic food production.
Recently, members of The Commonwealth of Nations (still often referred to as The British Commonwealth) met in London to discuss the feasibility of a post-Brexit trade deal. The idea that Britain ought to have closer trade relations with The Commonwealth rather than Europe is not a new idea, in fact it predates the European Union by half a century.
The idea first came to pass in the late 19th century. Liberal Imperialist politician turned Conservative/Unionist Joseph Chamberlain proposed tariff reform often called Empire Free Trade/Imperial Preference.
