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What We're Reading: A Case Against Protectionism
Agustin Carstens, governor of the Bank of Mexico, had an important observation in the run up to the meeting of the G-20 in China on September 4 and 5. Carstens made the case against protectionism this way in a Financial Times interview.
"The state of the world, the rate of growth of the world economy is not such that we could afford to limit the growth potential through protectionist measures."
Indeed. Remember our own economy expanded by annual rate of only 1.1 % in the second quarter of this year. With such anemic growth, what sense does it make to engage in a trade war and restrict the ability of our manufacturers, farmers, and innovators to sell their products abroad? And what sense does it make to risk creating higher prices for our consumers by putting the squeeze on imports into our country?
Carstens also effectively issued a charge to those of us who believe that we should remain engaged in the global economy. He put it this way:
"My own sense is we probably declared victory some years ago in the sense of saying globalisation is here to stay, everyone is happy with it, and then we sort of stopped rooting for it."
True. Arguments for a cause need to keep being made. In this case, the case is for trading across borders as a way to grow economies, here and abroad. And it needs to keep being made given the pushback to international trade, which, as Carstens notes, is a concerning reality.
William McKenzie is editorial director for the George W. Bush Institute, where he also serves as editor of The Catalyst: A Journal of Ideas from the Bush Institute.
Active in education issues, he participates in the Bush Institute’s school accountability project. And he teaches as an adjunct journalism lecturer at SMU, where he teaches a course on media and politics.
Before joining the Bush Institute, the Fort Worth native served 22 years as an editorial columnist for the Dallas Morning News and led the newspaper’s Texas Faith blog. The University of Texas graduate’s columns appeared nationwide and he has won a Pulitzer Prize and commentary awards from the Education Writers Association, the American Academy of Religion, and the Texas Headliners Foundation, among other organizations. He still contributes columns and essays for the Morning News.
Before joining the News in 1991, he earned a master’s degree in political science from the University of Texas at Arlington and spent a dozen years in Washington, D.C. During that time, he edited the Ripon Forum.
McKenzie has served as a Pulitzer Prize juror, on the board of a homeless organization, and on governing committees of a Dallas public school. He also is an elder of the First Presbyterian Church in Dallas, where he lives with his wife and their twin children.Full Bio
TARIFF-IED: Trade Talk with Matthew Rooney
This week, trade relations between the U.S. and India are continuing to escalate. Earlier this month, the U.S. stopped granting India special trade privileges by taking away the Generalized System of Preferences (GSP) program, and India has responded by enforcing more tariffs of its own. The George W. Bush-SMU Economic Growth Initiative Director Matthew Rooney breaks down the trade conflict: For more information on trade groups and the global economy, visit www.bushcenter.org/scorecard.
How Trade Spreads Holiday Cheer
It is projected that the average American household will spend more than $1,000 during the holidays this year.
Deporting Salvadorans May Lead to Economic Decline
We should think carefully about a policy whose major impacts are likely to be reductions in employment and economic activity here at home, and increased instability and lawlessness along our borders.
Bush Institute's Laura Collins Talks Immigration on Good Morning Texas
Last week, Deputy Director of Economic Growth at the George. W. Bush Institute Laura Collins spoke with Good Morning Texas about immigration myths. During the interview, Collins had the opportunity to set the record straight and address common misconceptions about legal immigrants living in America today. The segment was inspired from facts released earlier this fall by the Bush Institute in the third edition of America's Advantage: A Handbook on Immigration and Economic Growth. Watch the full Good Morning Texas interview here.