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What's Wrong with Protectionism: Answering Common Objections to Free Trade
Putting tariffs on imported goods or setting other barriers to international trade can be tempting for politicians. They assume that many of their constituents believe that free trade is not fair trade and that other countries aren’t playing by the rules. This belief makes it easy for industry leaders to demand protection for their businesses and their workers—to “put America first.”
But Americans should resist the siren calls of protectionism. In this highly relevant protectionism primer, Pierre Lemieux shows what can happen if they don’t.
As the author demonstrates, trade between any two countries is fair for the same reasons as exchange between two it is to the benefit of both. Lemieux carefully refutes the arguments of those who would curtail Americans’ access to the benefits of international commerce—from the claim that we can boost economic growth by reducing imports to the belief that free trade leads to “shipping jobs overseas.”
Yes, manufacturing jobs are declining in this country and have been since the 1950s. But, as Lemieux points out, that’s in large part because Americans are making more advanced products more efficiently—that’s our comparative advantage. And this is happening as less-developed countries are producing more labor-intensive, low-tech goods—that’s their comparative advantage. All parties to a trade benefit.
Lemieux shows how free trade improves the lives of American consumers, especially the poor. The narrow agenda of the protectionists—to protect a small minority of producers at the expense of millions of their fellow Americans—is the wrong path for an increasingly diverse and complex economy. This concise primer shows you why.
But Americans should resist the siren calls of protectionism. In this highly relevant protectionism primer, Pierre Lemieux shows what can happen if they don’t.
As the author demonstrates, trade between any two countries is fair for the same reasons as exchange between two it is to the benefit of both. Lemieux carefully refutes the arguments of those who would curtail Americans’ access to the benefits of international commerce—from the claim that we can boost economic growth by reducing imports to the belief that free trade leads to “shipping jobs overseas.”
Yes, manufacturing jobs are declining in this country and have been since the 1950s. But, as Lemieux points out, that’s in large part because Americans are making more advanced products more efficiently—that’s our comparative advantage. And this is happening as less-developed countries are producing more labor-intensive, low-tech goods—that’s their comparative advantage. All parties to a trade benefit.
Lemieux shows how free trade improves the lives of American consumers, especially the poor. The narrow agenda of the protectionists—to protect a small minority of producers at the expense of millions of their fellow Americans—is the wrong path for an increasingly diverse and complex economy. This concise primer shows you why.
- GenresEconomics
142 pages, Paperback
Published August 27, 2018
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Displaying 1 - 2 of 2 reviews
January 4, 2019
An interesting and timely primer on why opposition to international protectionism is considered the "default position" of economists (regardless of political orientation). The author's conclusions are properly research/data-driven and he addresses several protectionist counterpoints. Overall, this book seems like a good start for understanding why liberalization of international trade results in a net benefit for a country and its individual residents.
January 28, 2024
This is an incredible introduction to international trade.
All of the common mistakes are debunked in this book, and in the last chapters, the author talks about the ethics of trade. For me, it is a very complete book and a strong defense of free trade.
All of the common mistakes are debunked in this book, and in the last chapters, the author talks about the ethics of trade. For me, it is a very complete book and a strong defense of free trade.
Displaying 1 - 2 of 2 reviews