Adam Smith on Free Trade: The Case Against Tariffs

Adam Smith, author of "Wealth of Nations," argued against tariffs, championing free trade. He believed competition drives prosperity and that tariffs, a long-standing practice dating back to the Roman Empire, hinder global economic growth. In the past, European powers like Britain, France, and Spain imposed tariffs to protect their economies, but Smith advocated for a balanced trade approach where mutual benefit reigns. Why can’t we adopt this mindset today?

[wakeupamerica]

Using a historical example on why tariffs are bad is kinda moot. There wasn't China dumping garbage on us made from slave labor. The American dream is ded.

[joelsiganto]

I wish more people where aware of this content. Some of the most valuable and digestible information I’ve ever seen conveyed

[zzip]

Suring the times of Adam Smith tgere were practically no old age pensions, no health insurance, bo vacation time, no workhours linit per day, the food and the hygiene was terrible, etc.
So his work is true for his time. Our time is much different.

[stevelux]

Adam Smith may have been one of the greatest western economists, but he lived in a very different world.
Free trade is a great ideal for local trade where most things are equal. However, we live and trade in a world where most things are not equal. Things are so not equal some can produce at 10% the cost of others. How to equalize that goes places we do not want to go; eliminating rights, eliminating government and social services, eliminating standards of living. To compete equally everything has to be equal and unless we are willing to give away our standards of living, willing to give away our rights and freedoms; actual international free trade cannot exist.
All we have comes at a cost.

[FrancisJacquerye]

There is currently an asymmetry, with countries like Brazil, India and China applying prohibitive tariffs to imports in order to protect their domestic manufacturing.

[melanieevans]

Another way to educate the public is to actually give them information on how much tarrifs American goods incur in selected countries. Most Americans will be shocked to find that many countries impose high tarrifs on American goods .

[williamadams]

Most Americans can not even begin to understand the realities of money.

[adambergeron]

Wealth of Nations was published in 1720. Adam Smith couldn't of possibly envisioned a world where capital and resources were pretty much 100% mobile.

[sevensages]

Guaranteed Patrick never read that book chance!!
😂😂😂😂😂

[jacobahn]

Tariffs are a bad idea unless those are the exact same tariffs that the trading country has imposed. It levels the playing field & can always be proven that they started it. It does this without mandating how other countries are ran. Even if the trading country has lower or no minimum wage, uses child labor, uses slave labor, has lower or no corprate tax, has less or no environmental regulation, it does not give any country the right to manage another country. The moral responsibility is on the choices of the individual, not any government. We can only blame ourselves whenever we by shoes made in a foriegn sweatshop of slaves instead of shoes made domestically by employees that take pride in their work.

[lizwirtz]

Competition is good if the conditions for it are the same among trading nations. Government subsidies can make goods artificially inexpensive and put genuine cost production goods out of business. Theory and practice don't always match up.

[Dirtyharry]

No tariffs in relative equal trading partner. When certain goods can only be made by one partner, then tariffs are terrible. In modern times the countries that are communist, use their economic and military to force low prices upon other countries and then take away the other countries ability to produce that same product purposely under pricing. This purposeful imbalance of trade does require tariffs to keep the affected country in balance.

[DavidNefelimSlayer]

Wealth of Nations, Economics as apologist answer for The Opium Wars.
The free and fair market is the ideal and oh boy do we have a long way to go to get there.

[ironsideeve]

Tariffs just make ur citizens pay more for the same thing

[wdk]

Also I think China because they're considered a developing Nation doesn't really pay for shipping it's like Pennies on the dollar compared to what it cost us to ship it down the street from my house

[willa]

Tariffs are the way in which the federal government is supposed to derive its funding. Not off the backs of the citizens. That's slavery.

[mandypants]

He also hated rent seekers or people who extract wealth from the economy without providing a good or service. Like land lords and finance capitalism in general. Smith was talking about industrial capitalism. Which is why he hated tariffs. America today does not produce anything. We are not an industrial capitalist country. We are finance capitalist. The majority of our economy is rent seeking. What Adam Smith meant by free market was free from rent seekers land lords and banks

[makisp.]

Stop passing soundbites off as economic arguments. Please!

[DoingStuffChannel]

Tariffs exist…lol this guy really wants his tax reduction

[mybighandle]

It isn’t that simple. Many American companies moved their manufacturing to China. People will then say the companies should move it back. Millions complain about inflation, wait until you buy American made products.