Restoring FDR’s Vision for Global Trade

The following is an executive summary of a paper submitted to the Institute for Corporate Governance and Finance Conference A New Deal for a New Century: Making Our Economy Work for All.  Papers for the conference, including the full version of the summary below, can be found here.   Too often, the debate over trade devolves into tribalist…

The Myth of the Global “Free” Market

According to Politico, a “coalition of free-market advocacy, business and nonprofit groups is urging the leaders of the Senate Finance Committee to press forward on new legislation curbing the president’s tariff authority.” Ah, the siren song of the free market.  But does anyone really think the global trading system is characterized by “free” markets?  A…

The Pain-Free Solution to the Trade Crisis

There isn’t one. Contrary to the prevailing narrative, the pain didn’t start when the United States imposed tariffs on our trading partners.  The pain started much earlier.  When, exactly, doesn’t necessarily matter, though we can focus on China’s accession to the World Trade Organization (WTO), its subsequent skirting of the rules, the WTO’s insistence on…

Atlas Shrugged

A previous blog explained that: the U.S. willingness to be the market of last resort has been a component critical to the functioning of the global trading system; the U.S. ability to serve as the market of last resort has been compromised by WTO overreach; and no other WTO Member seems to be willing to shoulder…

Why is the Trump Administration So Mad at the WTO?

The Trump Administration has made no secret about its frustration with the World Trade Organization.  Campaign rhetoric is being channeled into policy.  The United States is single-handedly strangling the Appellate Body by blocking appointment of new members and complaining about those who are holding over past their terms.  The latest WTO ministerial resulted in no…