Monday, June 11, 2018

A Petition Against Protectionism

Since both Jonathan Dingel and Ben Muse have already done so--both of whom maintain what I consider as peer blogs--I thought it only proper to mention this petition from the Atlas Economic Research Foundation against the troubles with protectionism. As this place has threatened to become the International Protectionism Economy Zone due to seemingly endless stories of trade barriers being erected, here you go. What follows is a snippet of the statement:

But the fact that protectionism destroys wealth is not its worst consequence. Protectionism destroys peace. That is justification enough for all people of good will, all friends of civilization, to speak out loudly and forcefully against economic nationalism, an ideology of conflict, based on ignorance and carried into practice by protectionism.

Two hundred and fifty years ago, Montesquieu observed that “Peace is the natural effect of trade. Two nations who differ with each other become reciprocally dependent; for if one has an interest in buying, the other has an interest in selling; and thus their union is founded on their mutual necessities.”

Trade’s most valuable product is peace. Trade promotes peace, in part, by uniting different peoples in a common culture of commerce – a daily process of learning others’ languages, social norms, laws, expectations, wants, and talents.

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