In reality there are no imports and exports. There is only what I make and what everyone else makes. Few people would want to live just on what they themselves could make.... The case for free trade is conceded the moment someone eschews self-sufficiency. After that, we're just haggling over the size of the trade area. But if free trade (read: division of labor) is good, then the bigger the free-trade area the better. Globalization should be the worldwide removal of all barriers to the exchange of goods and services -- rather than trade managed through state capitalism and multinational bureaucracies. Unilateral, unconditional free trade is the smartest policy.Read the rest of this week's TGIF column, "Made Everywhere," at the Foundation for Economic Education website.
Cross-posted at Liberty & Power.