… is from page 158 of Milton Friedman’s 1953 paper “The Case for Flexible Exchange Rates,” as this paper is reprinted in Friedman’s 1953 collection, Essays in Positive Economics:
In brief, it [free trade] is desirable in its own right as one of the basic freedoms we cherish; it promotes the efficient use of resources through an appropriate international division of labor and increases consumer welfare by maximizing the range of alternative on which consumers can spend their incomes; it facilitates international political amity by removing potent sources of conflict between governments.
DBx: Indeed. Seldom has the liberal, civilization-enhancing case for free trade been summarized so succinctly.
Every protectionist intentionally endorses a policy that reduces individuals’ freedoms by giving power to government officials to override individuals’ peaceful choices. Every protectionist, usually out of ignorance, endorses a policy that makes the great bulk of his or her fellow citizens poorer. Every protectionist recklessly endorses a policy that creates greater frictions between governments and, thus, raises the prospects of hot shooting wars.
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Milton Friedman died on this date – November 16th – in 2006.
