A Quote by Milton Friedman
In response to a suggestion that total free trade would end in cheaper foreign products flooding the market and causing unemployment.
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Free migration within Europe means that countries that have done a better job at reducing unemployment will predictably end up with more than their fair share of refugees. Workers in these countries bear the cost in depressed wages and higher unemployment, while employers benefit from cheaper labor.
Foreign trade is not a replacement for foreign aid, of course, but foreign aid to a country that doesn't also engage in significant amounts of foreign trade is more likely to end up in the pockets of dictators and cronies.
Fair Trade is a market-based, entrepreneurial response to business as usual: it helps third-word farmers developing direct market access as well as the organizational and management capacity to add value to their products and take them directly to the global market. Direct trade, a fair price, access to capital and local capacity-building, which are the core strategies of this model, have been successfully building farmers' incomes and self-reliance for more than 50 years.
Substantial progress was made in spreading our foreign trade to other areas. Our total trade with Northwest Europe in the first 8 months of last year was 42.3 per cent above the corresponding period the year previous, and our total trade with Asia was up 13.5 per cent. For the first time since 1919, the United States in the first 8 months of 1956 accounted for less than 60 percent of our total trade.
As South Korea shows, active participation in international trade does not require free trade. Indeed, had South Korea pursued free trade and not promoted infant industries, it would not have become a major trading nation. It would still be exporting raw materials (e.g., tungsten ore, fish, seaweed) or low-technology, low-price products (e.g., textiles, garments, wigs made with human hair) that used to be its main export items in the 1960s.
Free-market capitalism is a network of free and voluntary exchanges in which producers work, produce, and exchange their products for the products of others through prices voluntarily arrived at.
Trade is not the cause for unemployment. In fact, the biggest drivers for unemployment are innovation and increased productivity. It has nothing to do with trade.
Shifting Philip Morris to the new a non-risk products doesn't mean that I will give market share to my competitors free of charge. In the markets where we are not present with IQOS yet or the other reduced-risk products, you still need to defend your share of the market. They still represent the bulk of our income, and so far they have financed the billions of dollars we have put behind these new products. But once we go national in a market, and absent capacity constraints, then you shift your resources and your focus to these new products.
Not only must we fight to end disastrous unfettered free trade agreements with China, Mexico, and other low wage countries, we must fight to fundamentally rewrite our trade agreements so that American products, not jobs, are our number one export.
The biggest losers from international trade are always those whose skills have a cheaper competitor in a different market.
If you start free trade with a Communist country, allow them to develop their own businesses, they don't remain communistic. They become a free society when they're able to make money themselves, and we increase trade with them and allow them to really produce products.
The death of the MG marks the end of one of the most perfect products of free enterprise, born out of the voracious will to succeed of one man and the burgeoning market for middle-class status symbols. The car first appeared as a souped-up Morris Oxford in 1923 when it won the Land's End Rally.
Foreign trade clearly holds down the cost of products we buy.
The recurrence of periods of depression and mass unemployment has discredited capitalism in the opinion of injudicious people. Yet these events are not the outcome of the operation of the free market. They are on the contrary the result of well-intentioned but ill-advised government interference with the market.
President Trump was determined to replace NAFTA from the day he took office. It reflected the old way of trade deals in which our partners shirked labor protections while American companies shipped operations and jobs to cheaper foreign locations. Our factories shuttered, our manufacturing shrank, and we grew more dependent on foreign suppliers.
Free trade or the free market means the sovereignty of the consumer.
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