How Nations Grow Rich: The Case for Free Trade [NOOK Book]

Overview

In How Nations Grow Rich, Krauss argues there is no inherent reason why the growth of the welfare state in the Western industrial countries should conflict with free trade - that is, there is no inherent reason for the welfare state to be protectionist. Exposing fallacious "welfare state" arguments for protection, Krauss makes a powerful case for free trade in general, and NAFTA in particular, as mechanisms for raising U.S. living standards. Americans are made better off through a reallocation of U.S. productive ...
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How Nations Grow Rich: The Case for Free Trade

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Overview

In How Nations Grow Rich, Krauss argues there is no inherent reason why the growth of the welfare state in the Western industrial countries should conflict with free trade - that is, there is no inherent reason for the welfare state to be protectionist. Exposing fallacious "welfare state" arguments for protection, Krauss makes a powerful case for free trade in general, and NAFTA in particular, as mechanisms for raising U.S. living standards. Americans are made better off through a reallocation of U.S. productive resources from lower to higher productivity uses - from textiles to computers, for example. Moreover, by raising wages in Mexico relative to the U.S., Krauss expects NAFTA to help reduce both legal and illegal immigration. Were states like California to reduce their generous social services and affirmative action programs, labor immigration from Mexico would fall to politically acceptable levels. Krauss' new insight that migration and foreign trade are alternative means of effectuating international exchange is used in this lively and informative book to shed light on a host of important policy issues. By the very act of restricting textile and apparel imports, the U.S. virtually compels foreign textile workers to migrate to the U.S. The European Union's tariff against East European exports provokes a flood of Eastern workers to Western Europe. In How Nations Grow Rich, Krauss dispatches both traditional and newer arguments for protection with unusual verve and clarity. Addressing the belief that protectionism boosts employment, he points out that import restrictions can destroy U.S. jobs when imposed on materials we use as parts. In response to protectionist demands that the U.S. close its markets until Japan reduces its trade barriers against U.S. goods - that trade be fair before it can be free - Krauss points out that in a market economy where consumers are kings, only a consumer-based equity standard is valid. Thus what the "fair-trade" protectioni
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Editorial Reviews

Booknews
Pushing against protectionist groups trying to regulate global free trade, Krauss (economics, New York U.) critiques the concepts underpinning their arguments and makes a case for his own. Basically, the author thinks free trade in general (NAFTA) will raise US production standards by inhibiting immigration of workers from Mexico and other countries, and that in an economy where "consumers are kings" protectionism by all countries simply ensures cost increases, foolishly undermining the only valid standard<-->consumer-based equity. Annotation c. by Book News, Inc., Portland, Or.
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Product Details

  • ISBN-13: 9780195354645
  • Publisher: Oxford University Press
  • Publication date: 5/8/1997
  • Sold by: Barnes & Noble
  • Format: eBook
  • File size: 260 KB

Meet the Author

Melvyn Krauss is a senior fellow at the Hoover Institution, Stanford University, and Emeritus Professor of Economics at New York University.

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Table of Contents

Preface
Introduction
1 The Advantages of Comparative Advantage 3
2 Bill Clinton's "Affirmative Action" Trade Policy 13
3 False Arguments for Protection 19
4 Free Trade and the Welfare State 35
5 No Cheers for Foreign Aid 61
6 The Consensus of Expert Opinion 85
7 The Rise of Regionalism 101
Notes 121
Bibliography 129
Index 133
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