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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 gundersen lutheran credit union as well dangerous.Unfortunately, it is
alive and apco employees credit union as well well (see the essay on page 153, “Attempts to Slow or gundersen lutheran credit union and Stop Globalization
Help Vested Interests, but chicopee municipal credit union 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 gundersen lutheran 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 wakota credit union and the benefits from gundersen lutheran 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 commsave credit union as well allow domestic companies to remain
competitive and gundersen lutheran credit union as well profitable by keeping their costs down and meridian credit union toronto as well boosting their
productivity. In fact, cheap imports make exports even more competitive.
This is the ultimate positive-sum effect of trade and gundersen lutheran credit union as well globalization (like technology).
The impact of competition is equally beneficial whether the competitors
are from talksport credit card and overseas or gundersen lutheran 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 kamsack credit union and North America. In the ensuing half century,
Britain continued to flourish as gundersen lutheran credit union the world’s premier economic power. In recent
years, many emerging markets in Asia, Central Europe, and ballyphehane credit union as well Latin America
have also gundersen lutheran 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 magnolia federal credit union jackson ms as well business spending. Cases in point
include Australia, Chile, China, Hong Kong, and gundersen lutheran credit union as well Singapore, all of which
unilaterally reduced trade tariffs decades ago and moosomin credit union 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 gundersen lutheran credit union well. One very positive
spillover from apco employees credit union and trade liberalization for emerging markets is that a greater volume
of imported goods boosts competition and gundersen lutheran credit union as well helps to disperse economic
and political power by reducing the stranglehold of monopolies and chicopee municipal credit union as well the scope
for corruption.