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Review
Few economic debates have raised more emotion over the last two centuries than that between the champions of free trade and the advocates of protectionism. Irwin chronicles this controversy in great detail. . . . The debate is still very much alive today--from EEC to NAFTA, to the campaign rhetoric in this year's presidential primaries. -- Publishers Weekly
An entertaining, informative account of the emergence of the concept of free trade ... full of new insights and unexpected delights.... A work that is not only interesting and inspiring but of great practical use. -- Paul Krugman, Journal of Economic Literature
Against the Tide is an impressive intellectual achievement. As the history of an economic idea, it pays less attention to the political and economic setting in which different theories were promoted than to their analytical rigour.... A delightful as well as an educational read. It should be a set text for anyone interested in trade policy. -- The Economist
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About two hundred years ago, largely as a result of Adam Smith's Wealth of Nations, free trade achieved an intellectual status unrivaled by any other doctrine in the field of economics. What accounts for the success of free trade against then prevailing mercantilist doctrines? And how well has free trade withstood various theoretical attacks that have challenged it since Adam Smith's time? In this readable intellectual history, Douglas Irwin explains how the idea of free trade has endured against the tide of the abundant criticisms that have been leveled against it from the ancient world and Adam Smith's day to the present. An accessible, nontechnical look at one of the most important concepts in the field of economics, Against the Tide will allow the reader to put the ever new guises of protectionist thinking into the context of the past and discover why the idea of free trade has so successfully prevailed over time.
Irwin traces the origins of the free trade doctrine from premercantilist times up to Adam Smith and the classical economists. In lucid and careful terms he shows how Smith's compelling arguments in favor of free trade overthrew mercantilist views that domestic industries should be protected from import competition. Once a presumption about the economic benefits of free trade was established, various objections to free trade arose in the form of major arguments for protectionism, such as those relating to the terms of trade, infant industries, increasing returns, wage distortions, income distribution, unemployment, and strategic trade policy. Discussing the contentious historical controversies surrounding each of these arguments, Irwin reveals the serious analytical and practical weaknesses of each, and in the process shows why free trade remains among the most durable and robust propositions that economics has to offer for the conduct of economic policy.
ON WHAT GROUNDS was the case for free international trade rejected among intellectuals prior to the appearance of Adam Smith's Wealth of Nations in 1776? Read the first page
Concordance
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Most Helpful Customer Reviews
2 of 2 people found the following review helpful:
5.0 out of 5 stars
Krugman's review is on line.,
By A Customer
This review is from: Against the Tide: Intellectual History of Free Trade (Hardcover)
Preeminent economist and NPR poster-boy Paul Krugman's review of this book is online:
http://web.mit.edu/krugman/www/irwin.html
4.0 out of 5 stars
Clearly explains value of foreign trade on world economies.,
By A Customer
This review is from: Against the Tide: An Intellectual History of Free Trade (Paperback)
Occasionally, we are contacted by business people who are not as yet convinced of the importance of international trade on foreign economies and the future of their company. They still think of exporting as an option that they can put aside until "things slow down a bit" and they have more time. We suggest to them that they read this publication from start to finish. It gives them an exciting new outlook on exporting. In fact, several of them start investigating foreign markets almost immediately after finishing the book. Although "academic" at times, it is very well written. We recommend it for serious exporters and especially for those who are still pondering the need for their company to introduce their products and services into world markets.
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Most Helpful Customer Reviews on Amazon.com (beta) Amazon.com:
4.2 out of 5 stars (8 customer reviews) 9 of 9 people found the following review helpful:
4.0 out of 5 stars
I chose this book as a required reading for my seminar.,
By Fatemi@aup.edu - Published on Amazon.com
This review is from: Against the Tide: An Intellectual History of Free Trade (Paperback)
I like this book because it is very interesting and informative. I began reading it for pleasure, but by the time I was half way finished, I was sure of its serious nature and had decided to adopt it as a required reading in the seminar that I teach on the economic impact of globalization. The author succeeds in presenting the right mix of theory and history with sufficient analysis. It is well researched and very well organized. It should prove as interesting to the general reader as it is informative for the academics. However, its treatment of classical economists is far superior to the section dealing with contemporary writeres on free trade. Hopefully, in the second edition the author will remedy this shortcomeing.
10 of 11 people found the following review helpful:
5.0 out of 5 stars
Great book - shoddy reviewers,
By Dalton K Finney - Published on Amazon.com
This review is from: Against the Tide: An Intellectual History of Free Trade (Paperback)
Fantastic analysis of international free trade and the coming of age of economic globalization. Irwin is a diamond in the rough when it comes to economic author. He writes in such a way that is fairly easy to understand, all the while not comprimising the quality of the material. Granted, any previous knowledge of Economics is obviously beneficial to the reader, but in no way an absolute must.Second, Mr. Preston Enright above seems to oppose corporate subsidies and welfare. Well, Mr Enright, so do the most staunch defenders of free-trade and capitalism: libertarians. I would not so much call myself a Libertarian but, like yourself, am also ardently opposed to corporate welfare, as it places an unwarranted burden on taxpayers and forces them to involuntarily support a cause, whereas they should only support the firm with their purchases from that corporation. Corporate welfare is, indeed, a rotten policy enacted but liberals and conservatives alike that, just as other forms of subsidies and welfare, create an unhealthy and unwarranted dependency on Washington (or wherever the largesse may originate), artificially lower prices, discourages innovation and efficiency, and ultimately harms the taxpayer and the consumer. Preston Enright is correct that this type of 'free trade' (not free to the mass of those who should benefit: the consumer) is only beneficial to the management and executives. Although, I'm guessing by his scattered and fiery writing style that he would be opposed to the free market, welfare or no welfare. 7 of 9 people found the following review helpful:
5.0 out of 5 stars
An informed discussion of free trade,
By A Customer - Published on Amazon.com
This review is from: Against the Tide: An Intellectual History of Free Trade (Paperback)
Economics is one of those subjects on which everyone has an opinion but few have much knowledge. Free trade, in particular, suffers from this opinion/knowledge gap. Reviewer Enright provides a good demonstration of this affliction. Had he taken the time to read the entire book, rather than just skimming the last few pages looking for some commentary on the politicization of free trade, Enright might have learned something about the benefits of free trade. Irwin's text provides an excellent overview of how economic thinking has over the years come to accept and promote free trade. Unfortunately, today's free trade debate is typically not framed by such informed discussion, but rather is shaped by the protectionist rantings of critics like Enright. |
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