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Airs every Wednesday through Labor Day. Find All episodes of this season here. and Past Seasons. and Follow the video Summer School on TikTok.
All of the camp shows so far have mentioned trade. An early use of money was to make trade easier. Trade led to the creation of corporations and stock markets. Trade was the lifeblood of early America.
Today’s episode is divided into three chapters, covering 250 years of trade history. We begin with one of the founding works of economics, Wealth of Nations Adam Smith argued that the true value of a nation is measured not in gold and silver but in the ability of its people to purchase goods that enhance their standard of living. We will then watch as American politicians completely ignore this argument in favor of protecting domestic industry—until one congressman passionately advocates free trade as a means to world peace. Finally, we will track the trade debate into the modern era, when the tide of American politics has shifted toward regulation.
We cover:
- protectionism
- tariff
- Comparative Advantage
- Concentrate benefits and spread costs
The series is hosted by Robert Smith and produced by Audrey Dilling. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Sofia Shchukina.
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