“Manufacturing is going the way of agriculture. But we are not getting poorer. This has been true since at least 1840. Free trade in manufactured goods is of marginal overall importance. Free trade in digital services will increase. The government cannot easily tax this kind of international trade. There are no tariffs and quotas on information. But protectionists never mention this aspect of free trade. They are focused on physical production, which is of declining value in our lives. The decline in American manufacturing is not the result of free trade. It is the result of our increasing wealth. We buy services and digits, not space-occupying stuff.”
http://www.garynorth.com/public/14455.cfm
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Tip Freedomwat.ch Staff with Bitcoin
Related posts:
The IRS is Coming After the Little Guys
Bill Bonner: Price does not tell you all you need to know
Iraq’s pain has only intensified since 2003
The CIA and the Media: 50 Facts the World Needs to Know
A Second Passport with Dominica—My Experience
Why Snowden's Passport Matters
The State: Judge in its Own Cause
Rebuilding Mogadishu with Local Knowledge
The Compulsion To Rule
4 Ways Living Abroad Can Give You More Freedom
The Silver Lining as Banks Say “No More Americans”
How Did Americans Survive Until 1892 Without the Pledge of Allegiance?
Removing Impediments to Bitcoin's Success
A Congregation of Liars: The U.S. Government
A Special Relationship: The U.S. is teaming up with Al Qaeda, again