Opinion. Milton Friedman's Favorite Book on Trade
by: Jim Powell
Jun 12, 2016
Click here to view the full article on WSJ.com
by: Jim Powell
Jun 12, 2016
Click here to view the full article on WSJ.com
TOPICS: International Trade
SUMMARY: Henry George's 'Protection or Free Trade' in 1886 decisively showed the value of opening markets.
CLASSROOM APPLICATION: Instructors can introduce students to the American economist Henry George (1839-97). The excerpts from George's "Protection or Free Trade" reproduced in the opinion piece offer hints about why Milton Friedman considered George's book to be the most rhetorically brilliant work ever written on the subject.
QUESTIONS:
1. (Introductory) Is trade, whether between individuals or countries, voluntary?
2. (Advanced) According to Henry George, are tariffs needed to support vital domestic industries? Should tariffs be implemented to protect infant industries?
3. (Advanced) What is the effect of trade barriers on economic growth?
4. (Introductory) What is George's analogy of war to trade barriers?
1. (Introductory) Is trade, whether between individuals or countries, voluntary?
2. (Advanced) According to Henry George, are tariffs needed to support vital domestic industries? Should tariffs be implemented to protect infant industries?
3. (Advanced) What is the effect of trade barriers on economic growth?
4. (Introductory) What is George's analogy of war to trade barriers?
Reviewed By: James Dearden, Lehigh University
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