Written by John Lounsbury
John O’Donnell and Dr. Richard Ebeling discuss history of trade wars from 1500’s mercantilists thru today. Most forget that the Boston Tea Party was the start of a trade war that led to a revolution and the world changed forever.
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They also discuss the Smoot/Hawley in 1930’s, opium wars in China with British merchants, Japan auto, bananas, timber and other trade wars that basically destroyed jobs and cheap goods available for consumer consumption. Stop the “trade war insanity” and learn from history these basic princples: No one wins in a trade war. Tariffs are only taxes on consumer goods.
Prof. Ebeling has contributed to GEI. John O’Donnell is a regular contributor.
Source: YouTube
