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In this episode of the weekly Budget & Tax News podcast, managing editor and research fellow Jesse Hathaway is joined by Mercatus Center senior research fellow Daniel Griswold, talking about why “globalization” is not a dirty word, despite what politicians may be telling people this year.
Over the past year or so, the word “free trade” has become something of a dirty word, with major political parties’ leaders blaming free-market values for “killing” American jobs. Politicians are promising supporters they’ll abandon existing trade agreements and increase the difficulty of voluntary exchange across national borders, but Griswold explains why this is like attempting to heal a patient with poison.
Reducing governments’ economic interference in individuals’ voluntary exchanges is not causing economic distress in American communities, Griswold says, but increasing the cost of living for everyone with government interference, such as trade barriers and tariffs. Because tariffs, such as the U.S.’s trade barriers on sugar imports caused thousands of jobs in Chicago to move to another country, cause jobs to go away, instead of stay here, more Griswold explains why more tariffs and barriers, and less competition, are not the answers to the problem.