In Bootleggers & Baptists: How Economic Forces and Moral Persuasion Interact to Shape Regulatory Politics, economists Bruce Yandle and Adam Smith explain how money and morality are often combined in politics to produce arbitrary regulations benefiting cronies, while constraining productive economic activities by the general public.
Featuring the author, Daniel Griswold, Director, Center for Trade Policy Studies, Cato Institute; with comments by Steven Pearlstein, Business and economy columnist, The Washington Post. Moderated by Daniel J. Ikenson, Associate Director, Center for Trade Policy Studies, Cato Institute.
Politicians and pundits can rage against free trade and globalization, but much of what they convey is myth. Mad about Trade is the much-needed antidote to a rising tide of protectionist sentiment in the United States. It details the benefits of free trade and globalization for middle-class “Main Street” Americans exposed to a barrage of negative claims from politicians and commentators. Griswold shows how middle- and low-income families benefit from import competition, and how a more globalized U.S. economy has created better jobs and higher living standards for American workers through the ups and downs of the business cycle. Mad about Trade tells the under-reported story of how a more open economy has made America stronger and spread our influence in an increasingly integrated world that has become more wealthy, democratic, and peaceful. And it exposes the scandal of how politicians conspire with producers to use trade barriers to stifle competition and raise prices.