-Caveat Lector-
The free trade vs. protectionism debate is something of a joke.
I once spent a desultory afternoon searching through the stacks of the
local university for information on Frederich List, a nineteenth century
German economist who championed the American system of tariffs (defended
by Hamilton, Carey and later Lincoln). Not surprisingly, my search yielded
nothing. However, not surprisingly, there were close to eighty books
dealing with Adam Smith, the British economist most closely identified
with "free trade" theory.
So, it's not surprising that the majority of Americans have been
brainwashed into believing that "free trade" economic theory gave rise to
the American economic juggernaut. Of course, this is a laughable and
rather
cruel lie when it is examined from the vantage point of American economic
history.
And, ironically, the Republican Party, once the champion of protectionism,
has now become the leading force behind "free trade."
Sadly, we are now repeating Britain's worst economic blunders.
And what do we see in 1999 after thirty-five years of "free trade"? We
see an American middle class that is fast disappearing.
Of course, when it looked like the Asians were going to totally capture
Silicon Valley, some protectionist measures were pushed through Congress
to save the last few industries we still have...
Thanks to "free trade," Americans are now married to the global economy..
We have to wear shoes and clothes that are going to fall apart in a few
months... Shoes!!! Have you noticed how the shoe departments in Walmart
and Target smell!!! I doubt if Bill Clinton or George Bush's kids are
wearing these slave labor produced products!
I remember a time when we had American shoes made
my American workers...and we had products that were designed to last... of
course, that was an America that still gave some measure of lip service to
the idea of "we the people."
Free trade has not given the consumers a "break." Of course, I'm not
against foreign manufactured products per se.... If the country provides
a decent standard of living and guarantees the civil liberties of its
citizens, then, by all means, let's trade with them.
But personally, I would like to see all of you who consider yourselves
"globalists" and "free traders" to leave the country. Perhaps, you could
go to a free trade paradise down in the Bahamas and leave the nation to
those who love her.
On Mon, 7 Jun 1999, Carl Amedio wrote:
> -Caveat Lector-
>
> COST OF PROTECTIONISM
>
> Ironically, political pressure for trade protection has grown
> during the current economic expansion. Similarly, the infamous
> Smoot-Hawley Tariff was enacted at a time of unprecedented
> prosperity. It may be that economists have not done a very good
> job of explaining either the benefits of free trade or the costs
> of protection.
>
> A new study from the Federal Reserve Bank of St. Louis estimates
> the cost of protectionism to the United States.
>
> o St. Louis Fed economist Howard Wall calculates that U.S.
> exports would have been 26.2 percent higher in 1996 if
> other countries practiced free trade.
>
> o Wall found that U.S. protectionism also hurt, costing
> consumers more than $100 billion.
>
> o In a recent speech in Dallas, Federal Reserve Chairman
> Alan Greenspan said the ultimate cost of protection can be
> even higher if it blocks the flow of technology and new
> ideas that are the life's blood of economic progress.
>
> Similarly, the benefits of free trade may not be as apparent as
> their perceived costs in terms of job displacement. However, the
> benefits are large.
>
> o According to a new study by the Department of Foreign
> Affairs and Trade in Australia, a 50 percent reduction in
> world tariffs would increase the world economy by more
> than $400 billion per year (see figure
> http://www.ncpa.org/pd/gif/pd6799.gif ).
>
> o Complete elimination of tariffs would add $750 billion to
> the world economy annually.
>
> A final source of protectionist sentiment may be the
> understatement of U.S. exports, which exacerbates the recorded
> trade deficit. According to the U.S. Census Bureau, exports may
> be understated by as much as 10 percent, due to the undercounting
> of small exports and other factors. This may make people think
> that restricting imports is necessary to restore balance. More
> accurate counting of exports, therefore, may help reduce
> protectionist pressure.
>
> Source: Bruce Bartlett, senior fellow, National Center for Policy
> Analysis, June 7, 1999.
>
> For text http://www.ncpa.org/oped/bartlett.html
>
> For Australian study
> http://www.dfat.gov.au/trade/negotiations/gtr_2000.pdf
>
> For St. Louis Fed study
> http://www.stls.frb.org/docs/publications/review/99/01/9901hw.pdf
>
> For Alan Greenspan's speech
> http://www.bog.frb.fed.us/boarddocs/speeches/1999/19990416.htm
>
> For Census Bureau study
> http://www.census.gov/foreign-trade/aip/expunder2.html
>
> For more on Tariffs & Trade Barriers and Free Trade Agreements
> http://www.ncpa.org/pi/internat/intdex12.html
>
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DECLARATION & DISCLAIMER
==========
CTRL is a discussion and informational exchange list. Proselyzting propagandic
screeds are not allowed. Substance�not soapboxing! These are sordid matters
and 'conspiracy theory', with its many half-truths, misdirections and outright
frauds is used politically by different groups with major and minor effects
spread throughout the spectrum of time and thought. That being said, CTRL
gives no endorsement to the validity of posts, and always suggests to readers;
be wary of what you read. CTRL gives no credeence to Holocaust denial and
nazi's need not apply.
Let us please be civil and as always, Caveat Lector.
========================================================================
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