Dear All,
My personal recollection of the book “Basic Economics” is that the author Thomas Sowell is of the opinion that the great depression was world wide, and was prolonged by (protectionist) import tariffs (followed by retaliatory import tariffs by the “victim” country on other goods, and on and on…).
Quote from mag article:
Free Trade vs. “Fair” Trade
By Larry Elder
FrontPageMagazine.com | Friday, August 09, 2002
In “Basic Economics: A Citizen’s Guide to the Economy,” economist Thomas Sowell says, “At any given time, a protective tariff or other import restriction may provide immediate relief to a particular industry and thus gain the financial and political support of corporations and labor unions in that industry. But, like many political benefits, it comes at the expense of others who may not be as organized, as visible, or as vocal. Economists have long blamed the international trade restrictions around the world for needlessly prolonging the worldwide depression of the 1930s. Economists, however, do not have many votes. Nor do many of the voters know much economics.”
(End of mag quote.)
The Sowell book should be required reading for any politician, political candidate or (inferred by the last sentence of the quote above) voter.
Sincerely,
Joe Satnik