Free Trade & Trade Policy

Monopoly

by Dominick T. Armentano May 1, 1992

I have been teaching economics at the university level for twenty-five years. Easily the most often-asked questions relate to monopolies. The questions are often put in the following form: "In an economy free of governmental regulation, wouldn't a firm or group of firms obtain a monopoly over some vital resource or ...

Fair versus Free

by Milton Friedman February 1, 1992

The Federal Communications Commission seeks to enforce a "fairness doctrine" on radio and TV stations. We suffered numerous "fair trade" laws, until they were declared unenforceable. One businessman vies with another in proclaiming his faith in competition provided that it is "fair." Yet, scrutinize word for word the Declaration of Independence, the Constitution, and the Bill of Rights, and you ...

A Liberal World Order

by Richard M. Ebeling September 1, 1991

The 20th century opened with great hopes for the future. For almost a hundred years, a major war had not disturbed the peace of Europe. And when military conflicts had broken out among the European nations, they had been localized and limited in both their duration and destruction. Most of the governments of Europe were either democracies or constitutional monarchies. ...

From the New Mercantilism to Economic Fascism

by Richard M. Ebeling August 1, 1991

February 1991 saw the release of the latest annual Economic Report of The President. Prepared by the President's Council of Economic Advisors, the report is meant to provide a detailed summary of where the American economy has been during the past twelve months and to offer various projections as to where the economy is heading for the next twelve ...

A New World Order: Economic Liberalism or the New Mercantilism

by Richard M. Ebeling July 1, 1991

In the days immediately following the Iraqi invasion of Kuwait in August 1990, the Bush Administration declared that a vital interest of the United States was at stake. American economic wellfbeing was threatened by Iraqi control of the Kuwaiti oil fields. However, when a growing number of economists pointed out that the U.S. economy had the capacity to adjust ...

A Capitalist Looks at Free Trade

by William L. Law June 1, 1991

Protectionists seeking relief from the rigors of foreign competition bring to mind Milton Friedman's dictum, "The great enemies of face enterprise are businessmen and intellectuals — businessmen because they want socialism for themselves and free enterprise for everyone else; intellectuals, because they want free enterprise for themselves and socialism for everyone else." I speak from personal experience. Baseball-glove leather was ...

Producer Interest vs. The Public Interest: The Origin of Democratized Privilege

by Richard M. Ebeling March 1, 1991

In The Wealth of Nations, Adam Smith constructed some of the most devastating arguments against the then-prevailing system of economic policy — mercantilism. In practically every country in Europe, governments regulated, controlled and planned the economic activities of their subjects. In France, the regulations were so detailed that they specified how many stitches should be used in ...

Democratized Privilege: The New Mercantilism

by Richard M. Ebeling February 1, 1991

Throughout the 17th and 18th centuries, most of the governments of Europe established a set of economic policies which became known as mercantilism. Kings, princes and parliaments implemented and vigorously enforced detailed and pervasive controls and regulations over almost every aspect of economic life. Many imports were prohibited, and exports were often subsidized. The state imposed wage, price ...

Free Trade versus Protectionism

by Richard M. Ebeling January 1, 1991

A specter is haunting the economies of the world. It is the specter of protectionism. In one country after the other, cries are heard that international trade, rather than bringing mutual prosperity, imposes economic hardship on some nations so that others may gain. Trading practices among nations are declared ...

The Tariff Idea

by W.M. Curtiss January 1, 1991

One of the fallacies popular throughout the world is the belief that exports are good and imports are bad. If we sell more than we buy, we have a 'favorable' balance of trade - and that is supposed to be good. Actually, in a free market there is no such thing ...

The Heritage of Economic Liberty

by Richard M. Ebeling July 1, 1990

For the Founding Fathers, economic liberty was inseparable from the case for political freedom. Many of the grievances enumerated in the Declaration of Independence concern British infringements on the free movement of goods and men between the thirteen colonies and the rest of the world. It was not a coincidence that ...