Making Economic Sense
For years, in fact, the administration has been doing its best to keep Japan from selling us high-quality, moderately priced cars, while also trying to force the hapless Japanese to purchase overpriced American lemons that they don’t want to buy. This is “free trade”–now rechristened by President Bush “free and fair trade”? Indeed, the entire emphasis on trade deficits between two countries is a nightmarish fallacy already discarded by the sophisticated mercantilists of the 17th century.
What did they discard and how did they prove it?