The Choice: A Fable of Free Trade and Protectionism

875 Words2 Pages

Book Review: The Choice: A Fable of Free Trade and Protectionism In the acclaimed novel, The Choice: A Fable of Free Trade and Protectionism, author Russell Roberts, an economist and writer, tells a fictional story that enlightens readers to the wonders of the economic system. Russell provides an insightful, thought provoking story that illustrates protectionism and free trade, while making the concepts and arguments easy to comprehend. The story is told through dialogue with two main characters, David Ricardo, an 18th and 19th century economist and Ed Johnson, a CEO for a company that produces televisions. Johnson’s company is facing competition from an overseas Japanese company. Through the use of these characters, Russell shows how the economic system works. David Ricardo is illustrated as one of the early advocates for free trade. After his death, he returns to Earth to complete one final act, involving Ed Johnson. The Choice begins by following David Ricardo on his journey to heaven. At heaven’s entrance, Ricardo faces his judgment. The master of the gates does not allow him to pass because of his theory on free trade. Ricardo then presents a challenge that will prove his theory and allow him to enter his resting place. The master of the gates then challenges him to change the mind of Ed Johnson, a man who is for protectionism and wants to enact a tariff on Japanese televisions. Ricardo must persuade Johnson of his ideas, that it is more efficient for countries to produce more of what they are efficient at producing and import everything else, instead of producing items that they are not efficient in producing. Johnson is chosen as the man to intervene on because Ricardo sees a problem that Johnson is making. During the t... ... middle of paper ... ...nson realizes his responsibility in the economic system. He learns of the role that he plays in continuing the country’s economic success. The Choice: A Fable of Free Trade and Protectionism is a novel unlike others. It tells a fictional story, while be educational and informative. This lends itself to appealing to both the logical and emotional side of the reader. The reader is logically stimulated through the education of the economic system, while also emotionally appealed to throughout the story of David and Ed and Ed’s realization. From this novel, the reader can learn more about the economic system, and how it is applied to life. The reader is able to enjoy the narrative along with learn the principles that are introduced by Roberts. Works Cited Roberts, Russell. (2006). The Choice: A Fable of Free Trade and Protectionism. New Jersey: Prentice Hall.

Show More
Related

  • Liars Poker by Michael Lewis

    736 Words  | 2 Pages

    A major theme in the novel is exposing Wall Streets greed and brutality. The Story begins with Solomon Brothers chairman John Gutfreund challenging board member John Meriwether to a game of Liars Poker, a card game, with one million dollars at stake. Meriwether raises his bet to ten million, setting the scene for the brutish and greed filled novel. Once at Solomon, Lewis is first placed in the training program on the forty-first floor. The training program, as well as the rest of the floor, is mostly comprised of white men in perpetual competition with each other. In the front row of the program are the attentive, nerdier trainees while the back row is described as rowdy and mischievous. The forty first floor was ruled by “The Law of the Jungle” where the traders beat down on the trainees, the back row trainees always stirred up trouble and the only focus was money. Good, bad or evil didn’t matter as long as it made the firm, and the traders, rich. The trading floor at Solomon Brot...

    Read More

  • The American Reaction to Richard Cobden: An Economy of Fear

    1607 Words  | 4 Pages

    The economic concept of protectionism dates back to Adam Smith’s idea of comparative and absolute advantage. The country with the ability to produce the same amount of a good or service with fewer resources than another country has the absolute advantage. However, if the other country has a lower opportunity cost of producing that same good or service, they have the comparative advantage. Smith argued that “If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy it of them with some part of the produce of our own industry employed in a way in which we have some advantage” (Smith, 1904, IV.2.12).

    Read More

  • A Literary Analysis of the Solutions Used in the Two Texts, Shooting an Elephant, and No Witchcraft for Sale

    658 Words  | 2 Pages

    Many times in life, people get put into situations in which they have to make some kind of solution to a problem that they are faced with. One example of this is when I was faced with the choice to either call the police or not when I spotted shoplifting in Washington D.C. just the other day. I was just standing there, when I noticed two women scooping stuff into their giant purses and then they ran out of a store. I was in so much shock that I couldn’t say anything; although after the incident happened, I had the choice of either calling the police or not. In relation, there are two texts in this section that deal with people that have to make a choice on making a solution to a problem. In the text, Shooting an Elephant, by George Orwell, the speaker is faced with the decision to shoot and kill a rampaging elephant. In the text, No Witchcraft for Sale, by Doris Lessing, the character Gideon is faced with the decision on whether to give the white scientists his medicinal theories that saved a boy from going blind. In both of the texts, Shooting an Elephant, and No Witchcraft for Sale, the solutions are either good or bad.

    Read More

  • Analysis of Arguments For and Against U.S. Trade Protection

    1024 Words  | 3 Pages

    In this paper I will summarize the arguments for and against trade protection for United States industries. Among the measures that can be used to restrict foreign trade are tariffs and trade quotas. Industries can also get nontariff barriers, miscellaneous legislation which give domestic products an advantage. In general, experts agree that restricted foreign trade benefits workers and domestic businesses, while under free trade consumers have a greater quantity and quality of choices available to them. [1] I will also look at arguments for and against NAFTA, an important trade agreement between the countries of North America.

    Read More

  • Looking Backward by Edward Bellamy

    698 Words  | 2 Pages

    The story starts with a preface that explains the sum of the story. The story introduces the fact that Bellamy is writing as if it is already the twentieth century and the world is looked at through rationality. Bellamy uses the character Julian West to represent industrialization and how his utopia are used as the answers is used as the answers to industrialization problems, and Dr. Leete to represe...

    Read More

  • Security Threats and Trade Barriers

    7504 Words  | 16 Pages

    In 1776, even as Adam Smith was championing the ideals of a free market economy, he recognized that the interests of national security far outweighed the principles of free trade. More then two centuries later, that sentiment proves to still be accurate and in use. Since the early 1900s, the United States has used this precept to defend its position on trade barriers to hostile nations, and through the majority of the century, that predominantly referred to the Soviet Union and its allies.

    Read More

  • What Are The Pros And Cons Of Free Trade

    1074 Words  | 3 Pages

    Trading internationally, along with foreign trading policies has always been a controversial issue in America. Free trade is just as taboo if not more so. Today, the United States has made an attempt to maintain an open market of trading. Free trading greatly benefits a nation’s economy. The history of trade in The United States dates back over half a century ago. Through a substantial part of history, the United States had implemented rather extensive barriers and restrictions regarding importation, in order to better protect domestic suppliers from any serious foreign rivalry. Regardless, of Government restrictions and barriers set in place to avoid foreign competition it is healthy for our nation to have motivation and have the desire to

    Read More

  • United States Trade Policy: Current and Future Role in a Global Economy

    2527 Words  | 6 Pages

    The United States has for over two centuries been involved in the growing world economy. While the U.S. post revolutionary war sought to protect itself from outside influences has since the great depression and world war two looked to break trade restrictions. The United States role in the global economy has grown throughout the 20th century and as a result of several historical events has adopted positions of both benefactor and dependent. The United States trade policy has over time shifted from isolationist protectionism to a commitment to establishing world-wide free trade. Free trade enterprise has developed and grown through organizations such as the WTO and NAFTA. The U.S. in order to obtain its free trade desires has implemented a number of policies that can be examined for both their benefits and flaws. Several trade policies exist as options to the United States, among these fair trade and free trade policies dominate the world economic market. In order to achieve economic growth the United States has a duty to maintain a global trade policy that benefits both domestic workers and industry. While free trade gives opportunities to large industries and wealthy corporate investors the American worker suffers job instability and lower wages. However fair trade policies that protect America’s workers do not help foster wide economic growth. The United States must then engage in economic trade policies that both protect the United States founding principles and secure for tomorrow greater economic stability.

    Read More

  • The American Imperialism

    556 Words  | 2 Pages

    Economics becomes a large factor in the American imperialism; but more specifically that expansion in foreign markets is a vital part in the growth of America. As historian Charles Beard puts it, “[it] is indispensable to the prosperity of American business. Modern diplomacy is commercial. Its chief concern is with the promotion of economic interests abroad” (Kinzer 81). Williams provides that the people of United States wanted this change to culminate in the business. “A great many farm businessmen were in trouble, and if they voted together they could control national policy. There was, in truth, a crisis before the Cri...

    Read More

  • The Impact Of European Imperialism

    1344 Words  | 3 Pages

    According to them, the idea of free trade was the foundation for the expansion of influence into foreign areas like Asia and Africa. In essence, informal empires acted as the basis for nineteenth century European Imperialism. Not only did it remind powerful colonizers of the power of economic manipulation, but it instilled a greed within the minds of colonizers that motivated them to seek out more land and resources. The colonizer mindset that was so prevalent in the era of Cortes and Columbus maintained its influence in the 1800s, as well, leading to the formal empirical rule that shaped the modern era. Robinson and Gallagher’s theory holds much significance as it directly affects how territories are divided amongst countries and how government systems are built around the

    Read More

  • Analysis Of Man's Inhumanity To Man

    1100 Words  | 3 Pages

    Sumner does not support a “protectionist” trade policy as it did not work in Spain. A “protectionist” trade policy is where trade is restrained between countries by taxing imported goods, and government policy allows fair competition between imports, and domestic goods and services. Sumner states “[the colonies] will revolt against us for just the same reason for which they revolted against Spain” (Sumner, p. 8). As commerce is a way a country succeeds in growing, it only follows that trade between countries should occur. In defending expansionism, the “principles” were once recognized as valid, but as time passes by and countries change so do the “principles”. Expansionism is the policy of economic expansion. Sumner dictates “times have changed” and talks about “principles” as the “new ones are certainly no more valid than the old ones” (Sumner, p. 12). The principles on which this country was founded are full of mistakes and are dated, and Sumner agrees,”these are popular errors which in time will meet with harsh correction” (Sumner, p.

    Read More

  • The North American Free Trade Agreement

    1791 Words  | 4 Pages

    The Case Against Free Trade: GATT, NAFTA, and the Globalization of Corporate Power (An Earth Island Press Book). (1993). California: North Atlantic Books.

    Read More

  • How Did Hobson Discredited Imperialism

    1112 Words  | 3 Pages

    Having no qualms of making enemies, Hobson points the blame directly at those imperialists’ businessmen whom, both at home and abroad exploit the situation at the expense of the average man. “Imperialism, as we see, implies the use of machinery of government by private interests, mainly capitalists, to secure for them economic gains outside their country.”

    Read More

  • Abortion: Where is the option?

    764 Words  | 2 Pages

    Pickert, Kate. “What Choice?.” Time 181.1 (2013): 40. MAS Ultra – School Edition. Web. 5

    Read More

  • Free Trade And Globalization Essay

    1577 Words  | 4 Pages

    In today’s increasingly smaller world, free trade and globalization have become inevitable parts of our lives. The growing importance of free trade and globalization have undoubtedly impacted the existence and extent of conflicts between nations. Free trade is defined by Mankiw (2015) as “the unrestricted purchase and sale of goods and services between countries without the imposition of constraints such as tariffs, duties and quotas.” The economic argument for free trade is that nations that engage in it will be able to produce and consume more due to the principles of absolute and comparative advantage. More recently, arguments in favor of free trade have emerged not

    Read More

More about The Choice: A Fable of Free Trade and Protectionism

Open Document