“If things are to change, one must realize the extent to which the foundation of tyranny lies in the vast networks of corrupted people with an interest in maintaining tyranny.”—

Donald Trump’s proposals to annex Greenland, the Panama Canal, and/or Canada—and now an executive order renaming the “Gulf of Mexico” to the “Gulf of America”—represents another ridiculous betrayal of the “America First” ideology he ran on and further illustrates another example of his difficulty in understanding economics (e.g., his proposed protectionist tariffs). Not only would these moves towards annexation be frowned upon constitutionally, ethically, and economically, but they would only serve to expand a globalist agenda, and destabilize both the US and the world altogether.

In recent years, anti-market policies, such as tariffs and industrial policies, have resurged in popularity in the United States. Advocates for these measures submit they are essential to protecting domestic industries, fostering economic growth, and ensuring national security. However, historical evidence and economic analyses tell a different story—one in which these policies often fail to deliver their promised benefits. To understand why, we will examine the historical failures of tariffs in the United States and the ineffectiveness of industrial policies in Japan and China.