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Title: Free Trade and the Steel Industry View count: 2382 Rating: 4.7777777 (36 ratings) Description: Dr. Milton Friedman gives a concise and lucid argument for international free trade at Utah State University in 1978. A common belief is that big companies will sell below cost to drive out their competitors and then raise their prices. This is a fallacy and there are few professional economists who believe otherwise. For a simple explanation, watch this video: http://www.youtube.com/watch?v=V6dD-ifIr8s For an example of the steel industry's anti-free enterprise rhetoric listen to Dan DiMicco, CEO of Nucor, one of the largest steel producers in the United States, during this interview with Lesley Stahl. In this example, just as Dr. Friedman professed, Nucor benefits at the expense of Caterpillar which relies heavily on exports. http://www.youtube.com/watch?v=lYyrqSmhals Even though this video focuses on the steel industry, it applies to all others as well. Did you know that American consumers pay many times the world price for sugar? Once again, special interests benefit at the expense of everyone else. http://mjperry.blogspot.com/2009/08/big-sugars-sickeningly-sweet-deal.html This video is an excerpt from Milton Friedman Speaks: Lecture 02, "Myths That Conceal Reality" http://www.ideachannel.com/index.php?cPath=124_132_165 Tags: predatory, pricing, japan, protectionism, protectionist, foreign, aid, enterprise, pollution, clean, air, tax, tariff, trade, subsidy, subsidize, subvention, ecology, ecologist, capitalism, capitalist, socialism, socialist, marx, marxist, marxism, fabian, fabianism, mercantilist, mercantilism, democracy, democratic, liberal, liberalism, libertarian, libertarianism, keynes, keynesian, keynesianism, Author: brittle13 |
