Bonus Quotation of the Day…
by Don Boudreaux
on February 3, 2017
… is paragraph 5 of Chapter 19 (“National Dependence“) of the First Series of Frédéric Bastiat‘s brilliant collection entitled (in English) Economic Sophisms (original emphasis):
The one thing that people overlook is that the sort of dependence that results from exchange, i.e., from commercial transactions, is a reciprocal dependence. We cannot be dependent upon a foreigner without his being dependent upon us. Now, this is what constitutes the very essence of society. To sever natural interrelations is not to make oneself independent, but to isolate oneself completely.
DBx: Trump and his trade triumvirate would do well to study the works of Bastiat.
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