A great argument against protectionism is contained in the last
paragraph of this insightful article by Michael Cox and Richard Aim
from the Federal Reserve Bank of Dallas: ‘You Are What You Spend’, New
York Times, Feb 10 2008, p.14.
The article also establishes that consumption levels are a much better
measure of relative economic wellbeing and poverty than income
And it points out that global trade benefits all consumers by making
goods cheaper and more accessible, particularly impacting those with
lower income levels.
Sent from my iPhone – pardon typos