In response to Kyle Rable’s opinion column in the Sunday, March 23, A-J opinion section, the problem of historians writing about economics is that they get it wrong. In the “Lords of Finance: The Bankers Who Broke the World” by Liaquat Ahamed, he explains the many problems that existed before the US stock market crash and onset of The Great Depression. With the Gold Standard in existence during the First World War both England and France purchased many war materials from the US. As a result, the US holding of gold went up while both England and France went down. Their economies were in a bind because they could not conduct foreign trade using the Gold Standard. While I have only a rudimentary understanding of tariffs and trade policies, in my opinion, the shape of demand curves and supply curves will determine, without foreign government intervention, how much of the tariff will increase prices here versus a lowered selling price from the exporting company. You have not discussed those considerations. In my opinion, you are on the side of those engaged in labor arbitrage. See:
“Labor’s Lost: In America today, we have informal labor cartels for the college-educated elite, while private sector unions for the working class are all but annihilated” by Michael Lind Dec. 14, 2022 – Richard Allen, Lubbock
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This article originally appeared on Lubbock Avalanche-Journal: Letter to the editor: Lubbock man responds to recent Rable column on Trump tariffs
Reporting by By Richard Allen / Lubbock Avalanche-Journal
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