The guardians of economic orthodoxy took issue with Donald Trump from the beginning, whether it was his tariff threat against foreign imports or his promise to penalize manufacturers who move industries out of country.  Classical economists, from Smith to Ricardo to Mill and beyond, had demonstrated that Western civilization was built upon the foundations of division of labor and the law of comparative advantage.  How did Trump imagine he could “make America great again” when he flouted the free trade principles responsible for said greatness? Over the summer, Trump redeemed himself.  He focused on currency manipulation as a key component of unfair foreign competition – hand in hand with incompetent American trade negotiators – while taking aim at high taxes, regulatory burdens, and Federal Reserve chicanery among the factors contributing to President Obama and the Democratic Party’s “false economy.” “The...(Read Full Post)