| Obama and the free market |
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| Written by Jason Jones |
| Monday, 19 May 2008 06:02 |
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Says Barack Obama: I believe that America's free market has been the engine of America's great progress. It's created a prosperity that is the envy of the world. It's led to a standard of living unmatched in history. And it has provided great rewards to the innovators and risk-takers who have made America a beacon for science, and technology, and discovery. Very well said. But if well done is better that well said, why did he:
If the free market is the engine of economic prosperity, why hit the brakes and turn off the vehicle? The enlarging free-trade block in Europe, British economic reforms in the 1980s and 1990s, economists across the world, and the end of the cold war, all show what Adam Smith said in the first place — that the invisible hand, not central government, should guide our economies.
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Comments (6)
Manager
written by Mary Skyers, May 19, 2008
It is absolutely critical that we engaged in trade, but it has to be viewed not just through the lens of Wall Street, but also Main Street, which means we've got strong labor standards and strong environmental standards and safety standards, so we don't have toys being shipped in the US with lead paint on them.
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written by Patricia Lacey, May 19, 2008
Obama will pressure the World Trade Organization to enforce trade agreements and stop countries from continuing unfair government subsidies to foreign exporters and nontariff barriers on U.S. exports.
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written by John Bushelle, May 19, 2008
Obama will fight for a trade policy that opens up foreign markets to support good American jobs. He will use trade agreements to spread improved labor and environmental standards around the world and stand firm against agreements like the Central Amercan Free Trade Agreement (CAFTA) that fail to live up to those important standards.
Come on...
written by Michael Fisk, May 20, 2008
John Bushelle: "Obama will fight for a trade policy that opens up foreign markets..."
How? He's talking about placing all these impositions on countries wanting to trade with the US, where their goods are already coming in relatively free. So he's going to force them to play by his rules (a concession on their part) and open up their markets to our goods (which could be seen as a concession by domestic producers, just as Obama seems to see it here), all so we do something we're already doing. Right... What will probably end up happening in such a situation is an Obama administration punishes the intransigence of foreign nations by throwing up import restrictions, which will lead to global retaliation. Lou Dobbs and Pat Buchanan would probably smile, but that's not good economic sense, especially not given the current global economic situation.
Good Environmental Standards and Trade
written by Student, May 20, 2008
To Bushelle:
The problem with many of Obama's supporters is they neglect to delve deeper into the how's and why's of his trade policies. Upon closer inspection, it is clearly evident that Obama does NOT believe in free trade. Instead of allowing individuals the freedom to coordinate activities in their own best interest (resulting in the overall best interest of society) Obama relies on government intervention to mediate the so-called ills of a more integrated global economy. This leads to the worry, as Milton Friendman put it, "...whether private ingenuity can continue to overcome the deadening effects of government control..." (Freedom to Choose). While much of the world is starting to embrace the notion of the invisible hand and free markets, meanwhile Obama is threatening to put the U.S. behind an iron curtain of isolationism and socialism.
... written by Per Kurowski, May 21, 2008
Oh, you are not making the distinction between “America's free market” and “Other’s free markets” and they are so different. And Obama, as a politician knows this.
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The Adam Smith Institute is the UK's leading innovator of free-market economic and social policies. Politically independent and non-profit, the Institute promotes its ideas through reports, briefings, events, media appearances, and its website and blog. For further information, click here.
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