I had another dream, I had another life
The Economist reports on a new YouGov poll that surveyed “19 countries to gauge people’s attitudes towards immigration, trade and globalisation. The data reveal a split between emerging markets and the West, which is increasingly turning its back on globalisation. Beset by stagnant wage growth, less than half of respondents in America, Britain and France … Read more
Over the years, I’ve heard people of a certain political persuasion argue that the United States should be more like their northern neighbor Canada. And over the years, I’ve enthusiastically agreed, but mostly for different reasons. A recent article in The Economist captures a few of those reasons: Donald Trump, the grievance-mongering Republican nominee, would … Read more
A new IMF publication finds that “[t]he waning pace of trade liberalization over the past few years and the recent uptick in protectionist measures could be limiting the sustained policy-driven reductions in trade costs achieved during 1985–2007, which provided a strong impetus to trade growth (Evenett and Fritz 2016; Hufbauer and Jung 2016)” (pg. 63). Their suggestion? “[R]esisting all … Read more
Trump wants to “renegotiate” or even withdraw from it. Clinton is up for “adjusting” it. With trade coming under fire (even from previous supporters), it is no wonder that NAFTA has taken some heat. But what do experts says about the economic impact of NAFTA? According to an excellent brief by the Council on Foreign … Read more
As of now, both major presidential candidates oppose the Trans-Pacific Partnership trade deal. Trump’s position isn’t all that surprising, while Clinton’s is a complete flip-flop. With trade openness being challenged in both American politics and abroad, it’s important to review what scholarship says about free trade. For example, a new IMF report demonstrates the benefits … Read more
I’ve mentioned the populist trade problem before. GMU economist Bryan Caplan has published on the irrationality of voters, demonstrating that voters tend to suffer from biases that disagree with the findings of actual economists. Given our current political climate, consider what he calls “anti-foreign bias”: Harvard’s Greg Mankiw writes in The New York Times, Voters clearly … Read more
If you Google “Trump” and “Brexit” you’ll get an avalanche of articles suggesting that the explanation of the UK’s vote to leave the EU is an expression of populist outrage, resurgent nationalism, and an admixture of xenophobia to boot. That might not be accurate. Walker’s post highlighted an alternative view. But let’s roll with it … Read more
What comes next? You’ve been freed Do you know how hard it is to lead? You’re on your own Awesome. Wow. Do you have a clue what happens now? Economist Emily Skarbek makes an important observation following U.K. voters’ decision to leave the European Union: No one knows just how this is going to … Read more
Can the ancient Greeks teach our present-day, anti-trade politicians anything? According to Cornell historian Barry Strauss, they sure can. In a recent article in The Wall Street Journal, Strauss explains that, at first, “Athens’s free-trade zone fostered prosperity, democracy and the soaring confidence that built the Parthenon and fired the Golden Age of Greece. Athens also had … Read more
Now that Donald Trump has wrapped up the GOP nomination, there are two kinds of articles flooding the national conversation: Surely this is a sign of the End Times. Pundits are dumb! I can’t really contest #1 because, in a nutshell, I agree. I usually pray for family and friends. Today, Trump has given me reason … Read more