Protectionism and Free Trade

Brexit is an opportunity to reset economic, monetary, and trade policies. The implications of getting rid of the EU millstone go far beyond the leaving date of 31 October. 

For Ludwig von Mises, international bureaucracies like the WTO devoted to enforcing "free trade" are not progress. They're simply another type of government planning.

For Brussels, giving in on Brexit encourages rebellion from disaffected populations in other member states, but do they really have a choice? 

As prices have risen, domestic demand for steel has fallen, meaning steel producers are laying off workers as consumers pay more. 

In every trade, a person is giving up something he values less for something he values more. Every time a shopper buys any item from another person, he has improved his standard of living, and so has the seller.

Since 1900, the number of American farms in operation has fallen 63 percent. Meanwhile, the American standard of living is far beyond what the farmers of yesteryear could have imagined.

The signing of the EU–Mercosur trade agreement constitutes a starting point — but an unholy alliance between protectionist politicians, agricultural lobbyists, and environmentalists may be forming.

The British complained of unfair competition from goods supplied by the American colonists. So the state intervened to manage trade and make it “fair.” But the American revolutionaries saw protectionism for the scam it was, and still is.

If we stick to the data, regardless of which socioeconomic indicator we choose, it seems clear that the sharp economic downturn began long before 2017.