Business Maverick Analysis: A heroic, if somewhat sceptical, defence of free trade

At the centre of these endless news items about “trade wars” is that itty-bitty, struggling, once-great nation the USA, with its appalling, record-low, 4% unemployment rate. Oh, how it suffers from the noxious influx of – spit – Chinese telecoms equipment. How terribly, terribly undignified it is to be forced to accept cheap Mexican strawberries. This must end. Now.

Yet, it is with great delight I notice that the creation of the African free trade zone has officially begun because a sufficient number of African states have signed up in principle. While Trump huffs and puffs, signing endless orders and declarations, it is Africa that is showing foresight and maturity. What a grand spectacle.

In his view, by caring about their own well-being while at the same time being focused on the needs of others, commercially created invisible bonds which conformed, generally, to human ethics.Was he right? Well, everyone has a view on that. But what is indisputable is that nation after nation succumbed to the blandishments, to a lesser or greater extent, of the market economy guided by Smith’s “invisible hand”.

Except that it isn’t – clearly. It’s worth noting the great underpinnings of Smith and Ricardo’s work. They both operated within the realm of individual benefit, or what we would now call an incentive system. They were both rationalists. Both ethicists. They were seeking that great utilitarian ideal, the greatest good for the greatest number.

In some ways, South Africa’s own post-democratic history provides a good example. South Africa and China effectively cut a Ricardian deal; they got our raw materials, we bought their manufactured goods. For years, this deal worked out well, the trade was balanced and each side did what they do best.

المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين

Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

BUSINESS MAVERICK/NEWS ANALYSIS: Gloves come off between SAA CEO and his boardThe relationship between the CEO of SAA, Vuyani Jarana and the board of the beleaguered airline appears to have irretrievably broken down, with the board investigating the CEO for a breach of confidence and he, in turn, threatening legal action. With the airline in a precarious position, this is probably not ideal. SAA still captured it seems
مصدر: dailymaverick - 🏆 3. / 84 اقرأ أكثر »

Business Maverick: Trade Risks Prompt Predictions for Fed Rate CutsMarkets rallied after Federal Reserve officials said they were closely monitoring the recent escalation in trade tensions and indicated they could respond to any economic deterioration by cutting interest rates.
مصدر: dailymaverick - 🏆 3. / 84 اقرأ أكثر »

Business Maverick: Lagarde Says Trade Risks Becoming Reality as Global Growth SlowsFears that rising trade tensions might undermine global growth are becoming a reality, contributing to a widespread slowdown in the world economy, according to International Monetary Fund Managing Director Christine Lagarde.
مصدر: dailymaverick - 🏆 3. / 84 اقرأ أكثر »

Business Maverick: Thursday, June 6: Five Things You Need to Know to Start Your DayBoeing is in talks for a megadeal that the trade war could derail. Asia equity futures are mixed after a U.S. stock advance. And the Trump administration readies a $2 billion Taiwan arms package. Here are some of the things people in markets are talking about today.
مصدر: dailymaverick - 🏆 3. / 84 اقرأ أكثر »

Business Maverick: Fiat Chrysler withdraws merger offer for Renault, blames French politicsFiat Chrysler said it has abandoned its $35 billion merger offer for Renault, blaming French politics for scuttling what would have been a landmark deal to create the world's third-biggest automaker. Just gotta love that French arrogance !
مصدر: dailymaverick - 🏆 3. / 84 اقرأ أكثر »

Business Maverick: Mexican tariffs could raise Toyota’s costs by $1 billionThe Trump administration’s proposed tariffs on Mexican imports could increase auto-parts costs for US dealers by more than $1 billion and hurt sales of its top-selling truck.
مصدر: dailymaverick - 🏆 3. / 84 اقرأ أكثر »