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The cover of the December 1993 issue of The Atlantic Monthly had a caricature of Adam Smith running away while being chased by a rain of rotten apples, stones and copies of a book with the name Friedrich List on their covers. The caption under the drawing said, "Move over Adam Smith. Some of the world's strongest economies run on a different philosophy, and the United States had better take heed." Inside, author James Fallows proceeded to explain "How the World Works."
Mr. Fallows argued that the world economy does not work on the basis of the principles of free trade. Rather, all countries, great and small, operate their international economic relationships on the basis of managed trade. And if America is to match its competitors and be a winner in the global game of commerce and exchange, the United States should do the same. The guide for winning this game, we were told, is Friedrich List.
In the early ...