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Book Review: How Nations Grow Rich

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How Nations Grow Rich: The Case for Free Trade by Melvyn Krauss (New York: Oxford University Press, 1997); 140 pages; $22.50. One of the frustrations in the study of economics is the discovery of how frequently the same fallacious ideas keep reappearing. Since the time of David Hume and Adam Smith, economists have demonstrated over and over again the mutual benefits to transactors from a policy of free trade. Yet, every few years, protectionist arguments rise to the surface once more. And once again, economists must cut through the fog of confused reasoning and show the errors and dangers in pursuing a policy of restrictions and prohibitions on the free movement of men, money, and goods across international borders. One of the most recent defenses of freedom of trade is also one of the clearest and most concise to appear in several years. How Nations Grow Rich: The Case for Free Trade by Melvyn Krauss presents the basic principles for a ...

The Greying of the Conservative Idea: Freedom and the Social Order

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Ours is a time without a consistent ideological or philosophical direction. The utopian dreams that dominated more than three-quarters of our century have lost their attractiveness for most people, after the attempt to implement them produced nothing but death camps, slave labor, and mass terror. Fascism, National Socialism, and Soviet communism, in their historical forms, seem to be dead. Even in Eastern Europe, where some of the renamed former Communist Party organizations have come back to power, e.g., in Lithuania, Poland, and Hungary, they have proposed neither party programs nor governmental policies that call for the reestablishment of the prior system of comprehensive central planning and one-party rule. Instead, they have declared their desire to implement privatization, foster market reform, and encourage foreign private investment. They insist that their agenda is one of "social ...

The United States: A Protectionist Nation

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In talking about trade, many politicians rely on the Big Lie — the simple assertion that America is the most open market in the world, and, therefore, that any criticisms of our existing trade policies for being protectionist are absurd. But sifting through the details of trade policy can provide insight — and entertainment. One of the best ways to defeat protectionists is to show the dirty little details of how protectionist systems operate. For instance, agricultural import quotas permit each American citizen to consume the equivalent of only one teaspoon of foreign ice cream per year, two foreign peanuts per year, one pound of imported cheese per year, and one teaspoon of imported butter. The U.S. International Trade Commission examined the impact of these quotas on consumers a few years ago and concluded that the peanut import quota had the equivalent impact of a tariff of up to 90 percent while the cheese import quota ...

National Conflicts, Market Liberalism and Social Peace

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For three years, civil war has caused massive death and destruction in the former Yugoslavia. Almost every day, the television evening news has broadcast pictures of devastating artillery bombardments, ruined towns and villages, and multitudes of killed and wounded men, women and children. Tens of thousands of people have been turned into refugees forced to leave their homes and belongings ...