Christian Felber and Gus Hagelberg
This article was originally published on 1 January 2017 in the Huffington Post. Christian Felber was the main author and I was a contributing author.
Trade is not a goal in and of itself. The term free trade is subsequently a misnomer. Equally, protection is not a goal in and of itself. That is why “protectionism” is also a misnomer. Trade is valuable and protection makes sense, but none of them should be taken to the extreme. It would be blind and destructive to carry international division of labor to its logical end: Everything that is produced anywhere is exported and everything that is consumed, is imported from somewhere else. Export ratios would be 100%. Likewise, it would be blind and harmful to close down borders and stop trade completely.