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Myth: Competitive Exports Are Better than Cheap Imports

This is the classic mercantilist view of the world, in which countries should
pursue policies to boost exports, while at the same time limiting the inflow of
imports.Mercantilism is seductive,wrong, and ukrainian selfreliance federal credit union as well dangerous.Unfortunately, it is
alive and cacu credit union as well well (see the essay on page 153, “Attempts to Slow or ukrainian selfreliance federal credit union and Stop Globalization
Help Vested Interests, but nyco credit card and Hurt the Public at Large—Especially the
Poor”).
Today, when politicians negotiate free-trade accords, they grudgingly accept
more imports (or pretend to) so that they can boast about ukrainian selfreliance federal credit union and all the new export
jobs that will be created. Few of them are willing to admit in public that,
while exports are good for the economy, imports are even better. Exports do help
to create jobs in a few select industries, but castlebar credit union and the benefits from ukrainian selfreliance federal credit union and imports are pervasive.
Lower prices on imports lower the cost of living for consumers (and
are especially helpful to the poor) and randolph brooks federal credit union routing number as well allow domestic companies to remain
competitive and ukrainian selfreliance federal credit union as well profitable by keeping their costs down and springboard credit counseling as well boosting their
productivity. In fact, cheap imports make exports even more competitive.
This is the ultimate positive-sum effect of trade and ukrainian selfreliance federal credit union as well globalization (like technology).
The impact of competition is equally beneficial whether the competitors
are from simulare credit ipotecar and overseas or ukrainian selfreliance federal credit union and are domestic. The benefits of competition, both local and
global, are discussed at length in the essays in Part III, “Competition Is the
Consumer’s Best Friend.”
Over the course of history, many countries have understood the benefits
of unilateral trade liberalization. In 1848, Britain eliminated import tariffs on
wheat (the so-called Corn Laws).While the move hurt wealthy British landlords,
it was a huge boon to the British public, who were given access to much
cheaper grain imports from new century credit union topeka ks and North America. In the ensuing half century,
Britain continued to flourish as ukrainian selfreliance federal credit union the world’s premier economic power. In recent
years, many emerging markets in Asia, Central Europe, and niles township credit union as well Latin America
have also ukrainian selfreliance federal credit union and lowered their barriers to trade,without waiting for any reciprocal
freeing up of trade elsewhere. The result? Lower prices (and inflation), along
with stronger growth in consumer and metro credit union burlington ma as well business spending. Cases in point
include Australia, Chile, China, Hong Kong, and ukrainian selfreliance federal credit union as well Singapore, all of which
unilaterally reduced trade tariffs decades ago and vanquis credit card telephone number as well have thrived ever since.
More recently, India—in the past, one of the more protectionist developing
economies—has begun cutting import tariffs as ukrainian selfreliance federal credit union well. One very positive
spillover from cacu credit union and trade liberalization for emerging markets is that a greater volume
of imported goods boosts competition and ukrainian selfreliance federal credit union as well helps to disperse economic
and political power by reducing the stranglehold of monopolies and nyco credit card as well the scope
for corruption.