It is an easy mistake to think that restrictions on international trade that help one industry “grow and prosper” will help all industries “grow and prosper.”
“The market is not a place, a thing, a collective entity. The market is a process, actuated by the interplay of the actions of the various individuals cooperating under the division of labor.” – Ludwig von Mises
Here is what you should know about NAFTA, the perennially controversial trade agreement
A preoccupation with jobs over productivity is not sound economics as Professor Mihail Nica explains.
According to policy leader Donald Trump, NAFTA is “the worst trade deal ever negotiated” and it needs to be renegotiated. He said, in fact, that it might even be worth the United States pulling out of NAFTA if better terms couldn’t be reached. Why? Trump’s worried that the trade deal is taking jobs away from […]
Mr. Sanders: In last-night’s debate you said: “I was on a picket line in the early 1990s against Nafta, because you didn’t need a Ph.D. in economics to understand that American workers should not be forced to compete against people in Mexico making 25 cents an hour.” I’m told that you’re a principled man who […]