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Free trade

Tom Woods Debunks the “Socialist Sweden” Myth

Tom Woods Debunks the “Socialist Sweden” Myth

  There’s plenty to say regarding Sweden: (1) its “socialist” policies were made possible by wealth created under an essentially capitalist economy (as recently as the 1950s, remember, government spent less as a percentage of GDP in Sweden than in the U.S.); (2)...

If Adam Smith Were Writing the Wealth of Nations Today

“It is not from the benevolence of the mask maker, glove maker, or hand-sanitizer maker that we expect our person protective equipment, but from their regard to their own self-interest. We address ourselves not to their humanity but to their self-love, and never talk...

Trump Administration Flunks Trade Economics 101

International trade is one of the many areas in which the Trump administration has been egregiously bad. Trump himself seems to lack even the most basic knowledge about the principle of trade -- he seems to think it is always zero-sum with a loser for every winner --...

Venezuelan Sanctions are a Bad Idea

The Trump administration recently enacted sanctions against Venezuela, citing human rights abuses among its justifications. But if violations of human rights are a legitimate concern for the administration, then pursuing economic sanctions is bad policy. Research...

How to Look at Tariffs

The best way to look at tariffs or import quotas or other protectionist restraints is to forget about political boundaries. Political boundaries of nations may be important for other reasons, but they have no economic meaning whatever. Suppose, for example, that each...

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