THE CHOICE: A FABLE OF FREE TRADE AND PROTECTIONISM

The Choice: A Fable of Free Trade and Protectionism



The Choice: A Fable of Free Trade and Protectionism

Introduction

It is refreshing to read book on free trade and protectionism this week, although this topic has been extensively covered in the media. Russell Roberts' book of “The Choice - A Fable of Free Trade and Protectionism” strongly argues that economy will benefit from free trade, whether for a developed nation or for a developing nation, in the light of David Ricardo's theory of comparative advantage. Roberts illustrated how the free trade helps United States become the wealthiest nation in the world and China quadrupled its standard of living between 1980 and 2000 with an imaginative dialog. The Choice”, written by Russ Roberts, tries its best to covey to the intelligent commoner that the jobs and money that a country possesses are not an adequate measurement of wealth. Through this tale, Roberts explains how it would be more profitable for businesses to exist in a world where free trade is prevalent and encouraged rather than to reside in a trade arena where trading amongst countries is frowned upon or discouraged. Roberts also tries to impart into the brains of its reader the idea that specialization of production is yet another key role in the path towards wealth and prosperity. Roberts coins this theory, "Round about way to wealth"(Roberts, 2001).

Discussion

The Choice: A Fable of Free Trade and Protection by Russell Roberts, is a book that deals with various aspects of free trade, international trade and protectionism. Written in the form of a novel and a very simple language, the book helps the readers grasp the complex concepts and issues of free trade and its benefits along with the harms of protectionist policies easily. The novel has brilliantly used a fictional story to make a strong case in favor of free trade and debunk the related myths. Plentiful of examples, help to reinforce the fact that free trade not protectionism is the way to prosperity. Protectionism not only helps to enrich a few people at the expense of many but also acts towards creating a stagnant and innovation-less, growth-less economy and thereby impoverishing people (Roberts, 2001).

When is a book more than a book? Occasionally a book comes along with an idea so powerful, so simple that it threatens to transform the world. Russell Roberts' The Choice: A Fable of Free Trade and Protectionism is more than a book. Roberts offers us a glimpse of a different America, an America free from foreign competition. A poorer America because it shunned trade. This alternative history is particularly relevant today as members of the media and politicians are all too happy to promote the idea that foreign countries like China are stealing our jobs. Trade does not affect the number of jobs, instead it affects the types of jobs. Instead, Roberts shows readers how trade does not affect the number of jobs, instead it affects the types of jobs ...