Support for protectionism and its ugly sister, “fair trade,” is sweeping the globe yet again. President Donald Trump’s actions in the White House have made it painfully obvious that, despite a strong consensus in favor of trade among academic economists, efforts to build support among the general public have largely been unsuccessful. There remains a profound misunderstanding about the benefits of a free flow of goods and the conditions under which these benefits materialize.
First, let’s tackle the mistaken view that international trade is an arena of “win or lose” competition between nations, writes Veronique de Rugy in the latest issue of Reason.
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