Review 3: Trade Protection in the United States, by Charles K. Rowley, Willem Thorbecke & Richard E. Wagner (1995)
Reviewed by:
Jim Powell,
Laissez Faire Books, (December 1995)
"As the presidential campaign heats up, there's talk about further restricting American borders supposedly to safeguard American industries, protect American jobs, keep the American market for Americans and strike back at evil foreigners."
"Thankfully, Rowley, Thorbecke and Wagner have issued this scholarly counter-attack which shows how American import restrictions mainly harm Americans. They make clear how these restrictions undermine the competitiveness of American industries by making it more difficult to get needed components from abroad and by reducing crucial incentives to adapt in changing markets. Although politicians talk gleefully about hurting foreigners, the authors explain how these restrictions promote higher consumer prices which hit Americans hard."
"They show convincingly how Americans gain by being free to shop for the best the world has to offer, even if many governments restrict their people from buying our exports. Americans shouldn't be hobbled by government, the authors suggest, just because other people are hobbled by government. The book affirms that it's overwhelmingly in the interest of Americans to eliminate American import restrictions."
"Rowley, Thorbecke and Wagner cover just about every aspect of protectionism. They review historic literature. They explain the economic principles involved. They cover tariffs, import quotas, voluntary export restraints, antidumping duties, countervailing duties, internal taxes, trade retaliation, regional trade agreements and multilateral trade negotiations. They analyze the seedy politics of protectionism. A useful book for anyone who wishes to better understand this vital issue."
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