Take a guess who said the following:
"I believe strongly in free trade but it also has to be FAIR TRADE.”
If it weren’t for the all-caps giveaway at the end, the above tweet from President Trump’s could just as easily have come from his predecessor in the Oval Office, or even Bernie Sanders. To many, the statement appears perfectly sound. After all, we expect fairness in our personal dealings with others; our deals with global trading partners would seem to be no exception. Senior Hoover Institution Fellow and NYU Law Professor Richard Epstein says that fairness should guide our trade policy, but that the classical liberal view of fairness happens to align with free trade. Fraud and coercion are certainly unfair practices, but mutually beneficial trade among willing buyers and sellers is not only fair, but is the very source of our wealth and prosperity. Epstein is known for his erudite commentary on law, politics and economics. He recently discussed Trump’s wrong-headed approach to trade on his Hoover Podcast The Libertarian. In this episode, the Professor is in. Richard and Bob will discuss the threat of an escalating trade war, and the value of free trade in keeping state and federal policymakers in line when it comes to domestic policies that would harm U.S. competitiveness.
- @RichardAEpstein | Twitter
- “Defining Ideas” - Column by Richard A. Epstein | Hoover Institution
- The ‘Exporting Jobs’ Canard, by Matthew J. Slaughter, June 14, 2017 (WSJ)
- Podcast - The Libertarian | Hoover Institution
- Trump Vs. Free Trade by Richard Epstein, March 7, 2017