Since 1900, the number of American farms in operation has fallen 63 percent. Meanwhile, the American standard of living is far beyond what the farmers of yesteryear could have imagined.
In every trade, a person is giving up something he values less for something he values more. Every time a shopper buys any item from another person, he has improved his standard of living, and so has the seller.
The signing of the EU–Mercosur trade agreement constitutes a starting point — but an unholy alliance between protectionist politicians, agricultural lobbyists, and environmentalists may be forming.
The British complained of unfair competition from goods supplied by the American colonists. So the state intervened to manage trade and make it “fair.” But the American revolutionaries saw protectionism for the scam it was, and still is.
If we stick to the data, regardless of which socioeconomic indicator we choose, it seems clear that the sharp economic downturn began long before 2017.
Car companies are building in Mexico rather than the United States, largely because it has freer trade than the United States does with the rest of the world.
Bob Murphy disagrees with Tucker Carlson's unambiguous approval of Elizabeth Warren’s call for “economic nationalism”.
Even if Trump and Xi both desire to reduce America's trade deficit with China, it's unlikely it will shrink in the short term.
