Milton Friedman Speaks: Free Trade: Producer vs Consumer (B1232) - Full Video

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Published 2016-03-21

If free trade is so good, why is protectionism so popular? Part of the answer lies in a simple political principle - interests that are concentrated (those of the producer) are more politically effective than interests that are diffuse (those of the consumer). Protection does not create jobs or move goods; rather, it forces us to expend greater effort to get the goods we produce, since they cost more to produce at home than abroad. The balance of payments can take care of itself, provided we do not manipulate foreign exchange markets to put an artificial value on the dollar. The right solution is to dismantle systematically our own trade barriers and set an example for the rest of the world. Recorded at Alfred M. Landon Lecture at Kansas State University ©1978 / 1:18:54.

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All Comments (17)

@joemulhern 8 months ago

“I stand corrected with pleasure” what a stand-up guy. Don’t hear that these days! Everyone is an expert.
@OctavianUngureanu 9 months ago

Reading "Wealth of Nations" I was impressed by the prediction Adam Smith made. He suggested to grant freedom to American colonies and free trade with them. The prediction was that the free trade would dissipate the animosities raise a strong friendship between the two nations, and Amercans will fight as UK allies in future wars. This was fulfilled despite the Independence War. This is what a great theory does: it predicts effects that are measurable and falsifiable.
@xiaochuanyan8309 4 years ago

1:01:46: "I stand corrected, thank you" ---sentence you will never hear in 2020
@Livesl0wer 4 months ago

" After all, there's no product we can produce more cheaply than green pieces of paper." 💯💯
@erikg5776 4 years ago

We just need our politicians understands this message...
@connorism69 5 years ago

Fantastic lecture, as per usual from Friedman.
@heathholtz2605 5 years ago

Problem is, we never got our house in order..Mr. Friedman was right on point
@randall-king 7 months ago

Excellent lecture, as well as Q&A session.
@maithamvandelay143 4 years ago

In the name of prosperity and peace! Wow! Powerful words!
@ronaldocarpio1655 5 years ago

In every issue, there is two sides of it, pros and cons. Both arguments should be considered and weighted unless there is an existing tangible events that would prove the advantage of one side or argument
@speedingAtI94 7 months ago

@27:25 There is no product US can't produce cheaply than green pieces of paper.
@speedingAtI94 7 months ago

@36:10 Patriotism is the last resort of the scoundrel. Still true today.
@user-dk5lo2tn8b 7 months ago

was there a fire in the auditorium...? i hear people caughing non stop...
@thefullmonte2003 4 years ago

Wtf is with all the coughing, my god how does he keep his composure with that.
@arcad1an292 5 years ago

Are there any free markets ?
@jamesstutely1578 5 years ago

Listen to the constant coughing in the background