Quotation of the Day…

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… is from page 22 of Columbia University economist Charles Calomiris’s 2002 monograph, A Globalist Manifesto for Public Policy:

Clearly, the great advocates of free international trade did not conceive of its long-term gains merely or primarily as the static efficiency gains of the Ricardian model, but rather as improvements in the ideas and opportunities available to ordinary citizens, and as a spur to improvement of education, moral sentiments and individual character…. Thus the argument for free trade, understood properly, is not just based on efficiency gains, but also on the way trade transforms society and thereby reduces poverty.