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Adam Smith-free Trade
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In the earlier days of recorded history, nations traded to obtain more goods, especially those they couldn't produce themselves, which seems like a logical enough motive. But by the 17th century, this motive for trade gradually eroded. The desire for goods was replaced by the desire to accumulate gold instead. This seemingly irrational motive f ....
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....h 499). This heretical statement set the stage for a controversy that has persisted for more than two hundred years. If Smith was right, as most economists nowadays believe he was, then there is no place in a rational world for measures to restrict trade through artificial barriers such as tariffs and import quotas.
Smith also elaborated how peo.... |
| Word count: 1800 |
Page count: 7 |
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