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Special Section: Trade & Development - Mercantilism Today: How a dead philosophy comes back to life.
Exports are good and imports bad, right? Wrong. All trade -- whether it is import or export, within nations or between them -- leads to economic growth, better jobs, and better health. Import barriers, by contrast, cause real economic and social damage. In mid September, trade ministers will meet in Cancun for the Fifth Ministerial Conference of the World Trade Organization -- and it's essential that these negotiators remain focused on liberalizing trade instead of getting sidetracked by protectionists.
The view that trade policy should focus on increasing exports and restricting imports can be traced back to the mercantilist pamphleteers of the 16th and 17th ...
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