Jagdish Bhagwati is University Professor of Law and Economics at Columbia University and Senior Fellow at the Council on Foreign Relations. A renowned expert on international trade, he has served in top-level advisory positions for the World Trade Organization and the United Nations, including Economic Policy Adviser to the Director-General, GATT (1991-93), and Special Adviser to the UN on globalization. He is the author of many books, including In Defense of Globalization.
NEW YORK – At a debate in New York last year entitled “Buy American/Hire American Policies Will Backfire,” with hundreds of people in attendance, my team of three free-trade proponents took on a trio of protectionists who are often in the public eye. We expected that we would lose the final audience vote by 55% to 45%. As it happened, we wiped the floor with them, winning by an unprecedented margin of 80% to 20%. The feedback from several voters was that we had won handily because we had the “arguments and the evidence,” whereas our opponents had “assertions and invective.”
Evidently, the pessimism and despair that often overwhelms free traders today is unwarranted. The arguments of protectionists, new and old, are just so many myths that can be successfully challenged. Consider some of the most egregious examples.
Myth 1: “The cost of protection and its flipside, gains from trade, are negligible.”
To continue reading, register now.
Subscribe now for unlimited access to everything PS has to offer.
Subscribe
As a registered user, you can enjoy more PS content every month – for free.
Register
Already have an account? Log in