One of Economics' Most Popular Ideas Is False

The notion that free markets promote international harmony is among the most persistent in economics.

It is based on the idea that trade encourages people to pursue their shared material interests rather than start disastrous wars out of passion.

This was the driving impetus behind the United States giving China "most-favored-nation" trade status, which permits unfettered trade and economic cooperation, in 2000. 

Both Republicans and Democrats gave the public the assurance that the agreement would lead to "constructive engagement"

And expose communist China to the "ideals" of democracy held by the United States.

Beijing has become more dictatorial, economic competition is fiercer than ever


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As a catastrophic stagflationary debt crisis strikes a heavily leveraged global economy, stock markets will decline by another 40%.