RSS FeedMake Cars Not Trade Wars | The Truth About Cars
Your car is made up of thousands of components, manufactured all over the world and assembled in many places by humans and robots. There is simply no such thing as a 100% “domestic” car anywhere in the world. When (not if) artificial barriers are placed on the manufacture, sale and movement of parts and the eventual manufacture, sale and movement of the resulting vehicle, there are two common outcomes. The best-case scenario is you’re going to pay more—effectively stealing from you and everyone in the global economy. Unfortunately, the typical result is that you cannot buy most of the cars made on this planet in your local market.
Protectionism makes the overall pie smaller. As there are fewer things being sold, protectionism limits job creation, which is a primary aim of protectionism. Without a job, you can’t afford a car, you can’t afford house or feed your family, and, worst of all, you can’t buy the big ass LCD TV. And we all want the big ass LCD TV.
Protectionism is the establishment of rules to make a particular set of goods or services cheaper than others, usually in a transparent bid to protect “local” jobs or industries. Needless to say, this distorts the market for those goods or services, often in quite unintended ways.
There are two major types of protectionism: First, physical trade barriers: unique safety requirements, unique emissions requirements, “bio” barriers such as lengthy quarantine requirements, quotas, fuel requirements, and everyone’s favorite local content requirements. Second, financial trade barriers: targeted incentives/”bonuses”/”grants”, foreign company structures, capitalization requirements, proscriptions on profit repatriation, debt instruments, and favorable tax treatments available to some but not all of the market.
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