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Further common sense thoughts on trade

August 1, 2018 | Commentary

  • After World War II there was a gradual acknowledgement of the gains from global trade. It was only after 1984 that there was a rapid expansion of regional agreements. The globalfinancial crisis put a severe dent in the progress, and subsequent populist movements, like the Brexit vote in the U.K., signaled the first meaningful signs of actual retreat.
  • Last month's Offit Capital Commentary discussed the importance of trade to the advancement of the global economy. Beyond the strong case for freer trade, however, liesthe reality that tariffs and other trade restrictions are often politically attractive. The changing shape of trade makes these debates particularly complicated because winnersand losers are not always easily identified.
  • The rising tide of global growth in trade and national incomes has not raised all boats.
  • Those left behind have shifted the debate to put freer trade on the defensive.
  • Economic growth is not automatic. Technological change and population growth are essential ingredients. As a result, restrictions on the flow of goods, services and humancapital all work against broad economic progress. Public policies to retrain displaced workers can focus on alleviating any negative factors that might arise from trade andimmigration. We should work hard to not throw away many of the benefits of economic growth that we sometimes take for granted.

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