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Trade historian Doug Irwin discusses the history and economics of tariffs, why protectionism persists despite economic consensus against it, and what lessons history offers for current trade policy debates.
This summary was generated from show notes and public descriptions, not from a full transcript review. Details may contain inaccuracies.
Canon
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Irwin observes that countries can set their own tariffs (controllable) but cannot control how trading partners retaliate (uncontrollable). Trade wars escalate because each side tries to control the other's response.
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Irwin argues that studying trade history is like studying the biographies of economic ideas: mercantilism, free trade, protectionism, and globalization each had their era, their champions, and their decline.
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