Donald Trump and Adam Smith vs. the Washington Consensus
This year marks the 250th anniversary of Adam Smith’s The Wealth of Nations , which is fitting because official Washington has spent much of the modern era quoting Smith without reading him very carefully.
In Washington and much of economic academia, the settled view is that if government is going to meddle in industry, it should do so in the tasteful way: subsidies, tax credits, grants, “investment,” “partnership,” “targeted support.” Tariffs are considered vulgar. Tariffs are blunt. Tariffs have side effects. This was the theory behind the Biden administration’s favorite toys, from the…
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