Worse than tsunami, trade protectionism hurts third world citizens

Written by Dr. Eric Schansberg

by Dr. Eric Schansberg Libertarian Writers' Bureau http://www.writersbureau.org

Last Thursday, I was heartened to readrepparttar news that my church, Southeast Christian Church in Louisville, KY, had collected $732,000 from its members (beyond its weekly giving) for tsunami relief in Southeast Asia. That partially offsetrepparttar 113469 news I had readrepparttar 113470 previous Thursday-- as reported inrepparttar 113471 Wall Street Journal-- that tariffs imposed on Sri Lanka were nearly $250,000,000 in 2003.

Nearly all of that amount was taxes imposed onrepparttar 113472 Sri Lankan textile industry. Andrepparttar 113473 amount imposed on that one foreign industry exceeded all ofrepparttar 113474 tariffs imposed on all trade with all six Scandinavian countries-- despiterepparttar 113475 fact that those countries export nearly 12 times more torepparttar 113476 U.S., have about 10 times more GDP than Sri Lanka's, and have people whose per capita incomes are far higher than those in Sri Lanka.

Why does this occur?

The textile industry in this country is one of many special interest groups that benefits from having their competition restricted. They and their politicians find it favorable to impose discriminatory taxes on foreign producers and American consumers.

In contrast torepparttar 113477 obvious benefits for politicians andrepparttar 113478 protected industry,repparttar 113479 costs imposed are subtle. How many consumers know that they pay significantly higher prices for clothing because of these laws? How many voters care that foreign workers and investors in poor countries are impeded in their ability to sell product withinrepparttar 113480 wealthiest market inrepparttar 113481 world?

The American Economy

Written by SuperSonic Squirrel

The American Economy. 01/29/2005

Wall Street, probablyrepparttar best thing that ever happened to people of power and money. That was a place very rich people could go, invest their money and gain atrepparttar 113468 expense of other people, and those other people were not ofrepparttar 113469 elite, ruling class where access to Congressmen or high level corporate heads was allowed. Big names on Wall Street then, are still with us today.

Wall Street --- a close chum ofrepparttar 113470 United States government, able to get laws passed protecting it,repparttar 113471 best thing that ever happened torepparttar 113472 world was America's Wall Street. Wall Street makesrepparttar 113473 world go around as it ensures American dominance overrepparttar 113474 world where Wall Street money is spent and that money can make or break a nation of people.

Up unto 1929,repparttar 113475 economic games played byrepparttar 113476 big players on Wall Street in America (the corporations and very rich people), went unchecked. Games played well could make people very, very rich. It was a game even played by foreign powers. When there is only so much money within a economic system, to have a winner, you must have a loser. The economic games caused people to decide to buy or sell: mostly sell. Rumors spread by big investors, or friends of big investors, would cause panic selling of shares soon to be gobbled up by characters standing back inrepparttar 113477 shadows, adding to their spoils, pennies onrepparttar 113478 dollar. But then, in October 1929,repparttar 113479 game melted down. People will agree or disagree on howrepparttar 113480 Great Depression started, but no one can ever denyrepparttar 113481 effects rumors or scare tactics had then (or now) on Wall Street when it came to how and why stocks were traded.

In a few years,repparttar 113482 country's economy was onrepparttar 113483 ropes. Not only did America's economy hit rock-bottom, it also brought down with it a good portion ofrepparttar 113484 free world. Economic recovery fromrepparttar 113485 First World War, for other countries, had not progressed enough yet to insolate those countries fromrepparttar 113486 effects ofrepparttar 113487 American Great Depression, sorepparttar 113488 suffering was world-wide. The foundations of governments started dissolving as conditions worsened.

An issue that came up in America at this time wererepparttar 113489 States inrepparttar 113490 Northwest. Byrepparttar 113491 mid-1030s, there was a strong moment (in some areas ofrepparttar 113492 country) to break-away and from their own government. Those people had had their fill ofrepparttar 113493 U.S. Federal government and its inability to mendrepparttar 113494 economy. The rich people watched, still investing or sitting on their nest eggs, as Hitler came to power. Withrepparttar 113495 additional financial backing of some very rich British and Americans, Hitler finally gave cause for America to go to war and that probably savedrepparttar 113496 Republic andrepparttar 113497 Constitution. President Franklin Delano Roosevelt was once asked, duringrepparttar 113498 Great Depression, about his new and radical programs that were geared to saverepparttar 113499 economy. President Roosevelt was told that if his policies were successful, he would berepparttar 113500 greatest American President ever. President Roosevelt, in return, stated that if his programs failed, he would berepparttar 113501 last. Since then, laws and rules have come into play, supposedly, removingrepparttar 113502 chance that Wall Street will again be manipulated, butrepparttar 113503 power of money is very strong.

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