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by Foundation for Economic Education

1. Why do we underestimate the economic benefits of dealing with people from other countries (anti-foreign bias)?

2. What did the 19th century economist, Henry George, say about the idea of “protection” from foreign products?

3. How is foreign trade a kind of technology? Are there differences in trade if Americans trade with other countries?

EoE: 4.2.B - Foreigners are Our Friends

Some people say technology is the driver of innovation, but society often takes great steps in prosperity by trading. Like technological shifts over history, trade is a powerful way of creating wealth for all parties. In one example, Professor of Economics, Bryan Caplan imagines a machine that turned agricultural products directly into cars: it would disrupt the way we do business, but the US would be wealthier for it. If, however, that machine was nothing but a freighter that exchanges corn for cars with another nation, many people think this is unfair. Whether in dislike for foreign trade or worry about immigration, Prof. Caplan calls this “anti-foreign bias” and points out that most economists don’t share these concerns. Professional economists think that trade and immigration benefit all parties involved – just like innovative technology. As we said before: trade is made of win! This video is included as part of a 40-lesson course on the Economics of Entrepreneurship available now for teachers and students at no charge at FEE.org/Courses.

from Foreigners are Our Friends (2016)
Creator: Learn Liberty
Posted by Foundation for Economic Education
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