Quotation of the Day…

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… is from pages 485-486 of the 5th edition (2015) of Thomas Sowell’s Basic Economics:

While there are many advantages to international trade for the world as a whole and for countries individually, like all forms of greater economic efficiency, whether at home or abroad, it displaces less efficient ways of doing things. Just as the advent of the automobile inflicted severe losses on the horse-and-buggy industry and the spread of giant supermarket chains drove many small neighborhood grocery stores out of business, so imports of things in which other countries have a comparative advantage create losses of revenue and jobs in the corresponding domestic industry.

DBx: Yes; there is nothing whatsoever that is economically different that distinguishes economic competition that comes from across the border from economic competition that comes from within the border.