On Thursday February 23, 2017, at the Conservative Political Action Conference (CPAC), Donald Trump’s top adviser, Stephen Bannon, advocated for what he calls ‘Economic Nationalism’.
‘Economic Nationalism’ may sound innocuous, but in reality it is deeply misguided.
‘Economic Nationalism’ means the government picks economic winners and losers, instead of letting people compete for your business.
Another name for ‘Economic Nationalism’ is ‘Protectionism’, where the government ‘protects’ certain American industries it chooses from foreign competition by imposing tariffs on products made outside of the U.S. so the ‘protected’ industry can compete.
But government ‘protecting’ certain American industries also means Americans will pay more for products.
And the Americans most affected by rising prices caused by ‘protectionism’ such as what Bannon and Trump are talking about are the working poor – the folks who can least afford to pay more for things because of stupid government economic policies.
Watch Daniel Hannan, a British lawmaker who explains why ‘Protectionism’ doesn’t work and how free trade brings about higher standards of living for everyone in a free market: