Free Trade, Some Trade, No Trade

03/16/2004 Mises Wire Mises.org

Paul Craig Roberts, who is coming to the Austrian Scholars Conference to discuss these matters, writes: “Economists need to catch up with their discipline. The latest work in trade theory is Global Trade and Conflicting National Interests, by Ralph E. Gomory and William J. Baumol, published by MIT Press in 2000. “Gomory and Baumol show that conflict is inherent in international trade. In some cases free trade can be mutually beneficial. In other cases, one country gains at the expense of another. In some cases trade is worse than no trade. The authors demonstrate that in no case can all trading countries achieve their individually best outcomes.” ENTIRE ARTICLE

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