The Case Against Free Trade by Ian Fletcher
The Social Contract Press
Ian Fletcher, Coalition for a Prosperous America, is author of "Free Trade Doesn't Work". Fletcher discusses free trade in the context of American history and traditional protectionism. US trade deficit has been reasonably stable from 1960 until the mid 1990s, at which point it increased dramatically. Fletcher points out that trade deficits are real money, not simply accounting balances.
Historically, Tariffs were used as an integral component of trade from 1820 but they were gradually lowered over the last half century. Our country was not based on Laissez-faire capitalism.
Contrary to industry hype, manufacturing is not a primitive part of the economy; manufacturing is now sophisticated and is based upon high levels of technology. Our increasing trade deficit is related to the loss of major manufacturing industries in the United States.
While the United States allocates capital investment through the free market mechanisms of Wall Street, countries like China and Japan allocate capital via large institutions responsible for central planning with apparent great success.
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