Post by RS Davis on Dec 11, 2003 21:18:33 GMT -5
[glow=red,2,300]Robert P. Murphy Wrote:[/glow] The Bush Administration recently announced that it would repeal its controversial steel tariffs, proving that even Republicans will occasionally let market prices do their job. The move of course had nothing to do with a newfound appreciation of David Ricardo: Even the official press releases make it clear that the repeal was in response to a possible trade war, and that all the talk of the "modernized" domestic industry is just cover to make a political move appear economically consistent.
In any event, the whole episode has given rise to the same mercantilist arguments that have always been used to justify tariffs. And although the definitive case for free trade was made back in the 18th century, these pro-tariff arguments deserve refutation each time they resurface.
In any event, the whole episode has given rise to the same mercantilist arguments that have always been used to justify tariffs. And although the definitive case for free trade was made back in the 18th century, these pro-tariff arguments deserve refutation each time they resurface.
- Rick
