The first of seven planks in a platform in the interests of ordinary working- and middle-class American families:
First, a wage-price equalization tax or tariff on all imported goods and services that are produced in countries with wage-rates much lower than ours, this being the only way to level the playing field on which American worker…
The first of seven planks in a platform in the interests of ordinary working- and middle-class American families:
First, a wage-price equalization tax or tariff on all imported goods and services that are produced in countries with wage-rates much lower than ours, this being the only way to level the playing field on which American workers are expected to compete. In defense of such a tax we shall argue that the theory of free trade never included free mobility of capital across international boundaries; that Adam Smith specifically opposed direct investment in foreign countries as detrimental to the wealth of a nation; that David Ricardo never imagined a world of high- and low-wage countries in which wage arbitrage would be the major motive for engaging in trade; and, last but not least, that all of the other advantages of trade that Ricardo identified or that are commonly associated with his name would continue to exist, including those arising from differences of climate, access to natural resources, industrial specialization, or the particular talents of the people living in different countries around the world.
The first of seven planks in a platform in the interests of ordinary working- and middle-class American families:
First, a wage-price equalization tax or tariff on all imported goods and services that are produced in countries with wage-rates much lower than ours, this being the only way to level the playing field on which American workers are expected to compete. In defense of such a tax we shall argue that the theory of free trade never included free mobility of capital across international boundaries; that Adam Smith specifically opposed direct investment in foreign countries as detrimental to the wealth of a nation; that David Ricardo never imagined a world of high- and low-wage countries in which wage arbitrage would be the major motive for engaging in trade; and, last but not least, that all of the other advantages of trade that Ricardo identified or that are commonly associated with his name would continue to exist, including those arising from differences of climate, access to natural resources, industrial specialization, or the particular talents of the people living in different countries around the world.