It has been rightfully said that, if the American economy is the 7th Wonder of the World, then American economic ignorance must be the 8th. And…international trade is the most misunderstood of all the issues. Actually, it is pretty simple. To clarify:
In times of war, blockades are used to prevent the enemy from gaining access to certain goods and services.
In times of peace, we do to ourselves with tariffs what we try to do to our enemies with blockades in times of war. — jtl, 419
The issue of free trade illustrates this clearly. Libertarians used to be universally and uninhibitedly for free trade. Whether domestically or across borders, voluntary exchange serves individuals best—and any restriction thereof is a violation of their rights. Thus, any restrictions should always be abolished, and the sooner the better.
In times of peace, we do to ourselves with tariffs what our enemies seek to do to us in times of war. — jtl, 419
by Per Bylund at Mises Wire
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