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Nov 26, 2024 | 
cato.org | Philip G. Hoxie |Scott Lincicome |Deirdre N. McCloskey |Daniel Griswold
US farms benefit from access to global export markets, and trade exposure incentivizes farms to produce efficiently. US consumers have benefited from lower food prices, increased access to out-of-season produce, additional varieties only available through imports, and milder supply disruptions due to trade. Trade allows consumers to benefit from productivity increases globally, and trade is critical for agricultural inputs like fertilizers.
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Apr 16, 2024 | 
cato.org | Tom Palmer |Scott Lincicome |Deirdre N. McCloskey |Daniel Griswold
Globalization has had tremendous net benefits for humanity, and the freedom to move, trade, accept influences from far away, and incorporate those influences into your experience and identity is central to being human. Every person should enjoy the equal presumption of liberty to travel and of liberty to exchange, just as there is a presumption of the liberty to think, speak, and live. Consequentialist condemnations of globalization only have force if they are based on evidence.
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Oct 24, 2023 | 
cato.org | Colin Grabow |Scott Lincicome |Deirdre N. McCloskey |Daniel Griswold
Despite rhetoric from some politicians that decades of unfettered globalization have hollowed out the U.S. industrial base, the United States remains a manufacturing powerhouse, accounting for a larger share of global output than Japan, Germany, and South Korea combined. In key industries such as autos and aerospace, the United States ranks among the global leaders and is the second-largest manufacturing economy overall.
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Oct 24, 2023 | 
cato.org | Scott Lincicome |Deirdre N. McCloskey |Daniel Griswold |David Bier
India’s first prime minister, Jawaharlal Nehru, wanted a dominant public sector. His 1956 Industrial Policy Resolution committed India to a socialist pattern of society, reserving 17 economic areas for the public sector. His socialist thinking was carried forward by his daughter, Indira Gandhi, who became prime minister in 1967. She nationalized several industries—banks, coal, copper, and general insurance.
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Sep 26, 2023 | 
cato.org | Gary Winslett |Scott Lincicome |Deirdre N. McCloskey |Daniel Griswold
Students have been struggling with math homework since the dawn of math homework. And until very recently, the idea of having someone on the other side of the world assist over a real‐time video call would have been unthinkable—especially for anyone who wasn’t rich. However, this is an example of the next frontier in globalization: digital trade in services. Digitalization is allowing more services than ever to be traded internationally.
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Sep 26, 2023 | 
cato.org | Phillip W. Magness |Scott Lincicome |Deirdre N. McCloskey |Daniel Griswold
Hamilton maintained in 1782 that “preserv[ing] the balance of trade in favor of a nation ought to be a leading aim of its policy” and continued to espouse a theoretical case for protectionism for most of his life. His most famous foray into trade theorizing was an elaborate articulation of the “infant industry” argument in his 1791 Report on Manufactures.
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Sep 15, 2023 | 
cato.org | Daniel Griswold
The Census Bureau reported this week that real median household income in the United States fell in 2022 for the third year in a row. We can debate the underlying causes of the setback, but the report shouldn’t obscure the long‐term gains made by American workers and families during recent decades of expanding globalization.
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Sep 12, 2023 | 
cato.org | Daniel Griswold |Scott Lincicome |Deirdre N. McCloskey |David Bier
This site works best using the latest version of modern browsers. Update your browser (Chrome 123) for more security, speed, and the best experiences on this site. Skip to main content Many critics of free trade argue that American workers and families were better off in the less globalized 1970s and even earlier decades.
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Sep 12, 2023 | 
cato.org | Deirdre N. McCloskey |Scott Lincicome |Daniel Griswold |David Bier
It’s a natural and beneficial result of humans doing what humans have done since the beginning, making their families better off by working hard, inventing new stuff, keeping alert, looking around, making little deals, etc. The result of all this human liberty of choice has been globalization. At various scales of time, it’s been happening from the caves to the modern world, or from 1350 to 1800, or from 1776 to 2024.
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Sep 12, 2023 | 
brnw.ch | Scott Lincicome |Deirdre N. McCloskey |Daniel Griswold |David Bier
First, goods trade as a share of global economic output may have peaked in 2008 at 51.1 percent but remained historically high in 2021 at 46.8 percent—well above levels seen during the “hyperglobalization” heyday of the 1990s and higher than it was in 2016 through 2020. Economist Richard Baldwin adds that most of the decline in goods trade since 2008 was due to two factors: (1) China returning to a normal level of trade and (2) a collapse in mining and fuels prices.
