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About this quote

What does it mean?
Free trade is hard to implement because its benefits are spread out while tariffs protect visible groups.
In plain terms
Tariffs help visible groups while harming invisible ones widely.
What can you take from it?
Free trade lacks political power because harms are hidden.

Where it applies

  • policy debates
  • campaign speeches
  • trade negotiations

Putting it to work

  • advocating free trade
  • explaining policy costs

Questions to consider

  • Why is protectionism popular?
  • Who loses from free trade?

Another view

Protectionism can sometimes preserve industries.

More from Milton Friedman

  1. Everywhere, and at all times, economic progress has meant far more to the poor than to the rich.

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  2. Corruption is government intrusion into market efficiencies in the form of regulations.

    Permalink to quote #47
  3. If you pay people not to work and tax them when they do, don't be surprised if you get unemployment.

    Permalink to quote #44

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