Connect with us

Hi, what are you looking for?

Economy

The Original MAGA: Tariffs, Trade, and the True Cost of Protectionism

In this episode of Liberty Curious, we go deep into the historical roots of ‘Making America Great Again’. Kate Wand sat down with Phillip W. Magness, Senior Research Faculty and F.A. Hayek Chair in Economics and Economic History at AIER, to discuss the true implications of tariffs and protectionism and how they have shaped America’s economic landscape.

From the earliest years of the American founding, promises of putting America first echoed through political chambers. These calls, though wrapped in patriotism, often harbored hidden implications of cronyism, favoritism, and a veiled tax that burdened everyday consumers. Despite the appealing rhetoric, tariffs and protectionist measures stand as barriers to economic freedom, prosperity, and genuine international cooperation.

As history warns, “When goods cease to cross borders, armies soon follow.” By tracing the history of tariffs, we see a repeating pattern: opportunistic rent-seeking, strained international relations, and a government that often interferes with natural economic exchanges. This meddling not only fosters less peace but also empowers the federal government at the expense of states and the very people it promises to protect. Enjoy all of our podcast at: www.aier.org/podcasts

Phillip W. Magness at AIER.orgPhil Magness on X

Use these time stamps to navigate the content of the interview:

0:00 – Intro 1:03 – MAGA & Tariffs 3:46 – I, IPhone 6:00 – American Founding debates 8:09 – Trade Liberalization 10:20 – James Madison 14:14 – Special Interests 16:15 – Early Cronyism 19:00 – Alexander Hamilton 22:25 – Infant Industry 26:16 – Less choices, higher prices 29:13 – The eve of the Civil War 34:15 – Rent-seeking 38:07 – Tariff renaissance 40:05 – American System 50:13 – Income Tax 54:50 – The Rise of Government Expansion 58:02 – The Ring of Power

You May Also Like

Editor's Pick

In Risky Business: Why Insurance Markets Fail and What to Do About It (Yale University Press, 2023), economists Liran Einav (Stanford), Amy Finkelstein (MIT),...

Editor's Pick

If you haven’t been following the “Twitter Files” saga, the gist of it is that the US federal government routinely pressured pre-Musk Twitter, and...

Editor's Pick

For years the North Korean playbook was obvious to the world. The Democratic People’s Republic of Korea wanted to be the center of attention....

Editor's Pick

On April 23, 1985, the Coca-Cola Company made one of the biggest mistakes in American business history: it changed the formula for Coca-Cola. Outraged...



Disclaimer: Questofprogress.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2023 Questofprogress.com