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Balanced Trade - Ending the Unbearable Costs of America's Trade Deficits (Hardcover)
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Balanced Trade - Ending the Unbearable Costs of America's Trade Deficits (Hardcover)
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How should a principled nation which believes in the benefits of
mutually beneficial trade respond to the predations of mercantilist
trading partners and imbalanced trade? Many argue that the response
should be to do little or nothing. Balanced Trade argues that
achieving the full benefits of international trade requires an
effective response. Although trade deficits provide short-term
gains in consumption, these are combined with long-term losses in
consumption, innovation, investment, employment and power.
Furthermore, market mechanisms do not correct trade imbalances that
result from mercantilism, nor do they compensate for the long term
shift in production and consumption towards the mercantilist.
Balancing trade can make important short run and long run
contributions to economic stability and prosperity. In America
today, despite the growing evidence that imbalanced free trade is
not working, many American economists remain adamant in their
promotion of free trade. They are also quick to label actions taken
to balance trade as protectionism. The political system has also
failed to effectively address the problem of imbalanced trade, and
the Federal Reserve has often exacerbated rather than addressed the
challenge. We show that the classical economic arguments against
mercantilism do not justify doing nothing. Effectively responding
to imbalanced trade and mercantilism requires careful selection of
strategy in order to achieve multiple objectives: balancing trade
while maintaining the benefits of international trade, avoiding
unnecessary inefficiencies, and maintaining compliance with
international law. One of the best options is the Scaled Tariff. By
targeting countries with which the United States has a large
current account deficit, the Scaled Tariff would efficiently,
legally, and effectively balance trade. It would be applied to all
imported goods from trade surplus countries that have had a sizable
trade surplus with the United States over the most recent four
economic quarters.The tariff rate would be designed to take in a
portion (e.g. 50%) of the bilateral trade deficit (goods plus
services) as revenue. No particular product is protected; the
scaled tariff simply changes the terms of trade between the two
countries, much as currency devaluation would change the terms of
trade with all countries.
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