🚧 Exports and Imports | Protectionism, Tariffs and Who Benefits From Them

Is exporting more important than importing? Who benefits from tariffs and protectionism? Is international trade "evil"?
Learn Austrian Economics in a fun way!

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[hyden]

The United States used to be the recipient of around 40% of Nigeria's crude petroleum. Then, we had new innovations such as hydraulic fracturing that allowed us to produce it at home at a more affordable price. In this case, had we enacted protectionist policies such as tariffs, we would not have been forced to innovate and pioneer new techniques. However, one issue that I would have with this manner of thinking is what if we face other countries such as China that enact their own protectionist polices? In that case, how should we react? The issue with the global market is that we can have a national market that is a free market but the global market is dictated by the whims of individual countries which means we are essentially opening up our free market to a non-free market.

[rucjos]

Wow, I was stuck on this concept for like an hour. You beautifully dumbed it down for me. Subscribed!

[kendreamer]

Good job econ Clips you basically see the economy the same way I do. Money just make bartering easier.

[natsha]

Very informative channel and good animation 😀

[DM-cesu]

well, but patents, intellectual property, petrodollars combined with fiat currency and pre-existing capital kind of complicates the "i pay with my production" idea.because, well, it entirely ignores a rather important factor, i.e the rate, or how much production.

also there is the issue of how do you measure "production".because market is definitely not fair, considering all the above mentioned machinations.

[ExcelTutorials]

This was explained very well. Thank you!

[ClassyJackBF]

"No government is needed"
What about when producers evade some of the costs that come with producing certain things? Like environmental costs, they may not directly show up on a balance sheet but they're still there and have the potential to cost societies a lot of money. Citizens then end up involuntarily subsidizing the private profits of producers.

[boggless]

In some cases, ie. USA, almost all manufacturing jobs are leaving to go to developing nations like Thailand. Its only more profitable there because of the trade off for worse work conditions and environmental harm. If it wasn't masked by the currency some people wouldn't buy the product. Also if there are no manufacturing jobs here there would be massive unemployment with only a few being able to find better jobs. Please correct me if im wrong.
P.S. First!!!

[informallyformal]

The world tried protectionist trade policies once before during the Great Depression, and it failed miserably. In the end, it ends up hurting the consumers. However, countries do have some form of protectionism, from time to time, especially to protect 'Infant Industries' and guard against 'Dumping'. But most of these policies should be time bound, otherwise it ends up hurting the very people whose interests you are trying to protect.

[commercialartservices]

Thanks for the piece corporate ownership class.

[calebgeorge]

Ah yes, being served bread rolls whilst lying shirtless on a beach somewhere

[robertbennett]

In its ideal, capitalism is the best system the world has yet conceived for generating freedom and happiness. Hopefully we can evolve to realize its potential.

[DileepKumar-sfzm]

Many importers and entrepreneurs have already lots of bad experiences in some fulfillment centers. Mishandling of logistics and delays are only some of them. In Fulfillmen, we keep on upscaling warehousing technology to ensure there would be no room for any mistake and to secure that all of the logistics remain protected and unblemished. We offer warehousing solutions that cater all big brands to small e-commerce companies.

[ctpuz]

There is however an exception to this rule. We shouldn't want to be fully dependent on another country to be fed.

Edit after 4 years: there are more strategic goods than food.

[zuutlmna]

Looking for Youtube presentations that discuss pros/cons of importing everything.

[marunio]

People who think that export is a goal of economy, consider that the purpose of life is working. That's the point.

[jollyroger]

True. Free trade is the fast track to utopia for all (on average).

[kendreamer]

The only other thing I will add is that there is no political will for non-regulation because every time a person loses a job they complained to the government

[Moribus_Artibus]

5:46 the business in Tribeca went bankrupt due to LES competition.
Seems about right

[bwash]

We have a lot of oil actually, in Alaska