Free Trade VS Fair Trade: Bastiat & List Battle Over Beef Prices
Beef prices are up, so President Trump is dropping tariffs from 300,000 tons of imported beef for the next 90 days. Shoppers are demanding relief at the grocery store, ranchers are demanding protection of domestic industry, and we’re turning to two of the most legendary economists in the debate over free trade and economic protectionism: Frédéric Bastiat and Friedrich List.
Friedrich List, architect of the infant-industry argument, highlights that rich nations protected their own producers long before they preached free trade. Frédéric Bastiat, the man who petitioned the French government to block out the sun so candlemakers could keep their jobs, dares you to say tariffs are any different.
List VS Bastiat. Protecting industry VS lowering prices. Where's the beef?