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Cato Daily Podcast

A Paradox of Protectionism

Cato Daily Podcast

Caleb Brown

Politics, News Commentary, 424708, Libertarian, Markets, Cato, News, Immigration, Peace, Policy, Government, Defense

4.6949 Ratings

🗓️ 24 October 2024

⏱️ 9 minutes

🧾️ Download transcript

Summary

Protectionist measures like tariffs often harm the very firms and people they're supposed to help. Paul Best explains in a new piece in Free Society.

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Transcript

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0:00.0

This is the Cato Daily Podcast for Thursday, October 24, 2004.

0:09.0

I'm Caleb Brown.

0:10.2

Tariffs and other protectionist measures are easy to display on charts and estimate mathematically,

0:16.0

but it's harder to see the real world consequences for people and the businesses they own.

0:21.0

Cato's Paul Best tells a story in our Free Society magazine

0:24.9

about the substantial costs imposed on the very businesses tariffs were

0:29.4

supposed to help. When we talk about trade and the economics of trade, the consequences of trade, the

0:38.0

consequences of trade policy, the incidents of tariffs versus who actually technically pays the tariff.

0:46.0

It can all be a little high-minded and we can talk about numbers and charts all day,

0:52.4

but to the extent that there are actual

0:54.7

human beings with companies that have to deal with protectionism in some way. Well, it's extremely valuable for, you know, the 90% of Americans

1:09.2

who aren't looking at charts all day like we do at the Cato Institute.

1:13.6

So you have detailed a story in Free Society magazine

1:18.1

that I think has a lot to offer.

1:20.3

Can you talk about this company

1:22.0

and their background to start?

1:25.0

Sure. Well, let me start off by saying that, you know, the problem with messaging around

1:29.4

tariffs and the tariff conversation in general is that the policy has dispersed cost.

1:37.1

So everyone is a little bit poorer.

1:39.2

Everyone's a little bit worse off from consumers to businesses.

1:43.6

But then there's concentrated benefits.

1:45.4

So the officials who put these policies in place

...

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