I want to explain why it is a mistake to think that foreign trade might be unfair.
We are told by politicians and businessmen that China, for example, indulges in unfair trade practices, or alternatively, that Britain should remain in the customs union after Brexit, instead of competing freely with the rest of the world.
In the Brexit case at least, these are mixed messages that are causing much confusion. In the US-China trade relationship, fairness appears to be the issue.
In both these cases, we are being bombarded with political messages, which run counter to the economic case.
- Source, Alasdair Macleod
