Today's tariff policy relies on the fanciful idea that politicians can pull the right levers to make the economy more efficient or more just. As always, the idea is based on fantasy.
In a globalized world, nearly every product or service relies on products and services from somewhere else.
The classical economists were also nationalists, and they viewed free trade as one of the most important means for advancing the security, prosperity, and cultural achievements of their own nations.
The British opponents of the Corn Laws rightly understood that tariffs and other restrictions on trade are violations of fundamental natural rights, and that they privilege certain entrenched interests at the expense of everyone else.
Brexit is an opportunity to reset economic, monetary, and trade policies. The implications of getting rid of the EU millstone go far beyond the leaving date of 31 October.
For Ludwig von Mises, international bureaucracies like the WTO devoted to enforcing "free trade" are not progress. They're simply another type of government planning.
For Brussels, giving in on Brexit encourages rebellion from disaffected populations in other member states, but do they really have a choice?
As prices have risen, domestic demand for steel has fallen, meaning steel producers are laying off workers as consumers pay more.
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.
