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History 5: 250 years of trade history in three chapters

NPR
NPR
NPR

Episodes each Wednesday through labor day. Find all the episodes from this season here. And past seasons here. And follow along on TikTok here for video Summer School.

Trade has come up in all of the episodes of Summer School so far. An early use of money was to make trade easier. Trade was responsible for the birth of companies and the stock market. And trade was the lifeblood of the early United States.

Today's episode covers 250 years of trade history in three chapters. We start with one of the founding texts of economics, Wealth of Nations, in which Adam Smith argues a country's true value is not measured in gold and silver, but by its people's ability to buy things that enhance their standard of living. Then we'll watch American politicians completely ignore that argument in favor of protecting domestic industries – until one congressman makes a passionate case for free trade as the means to world peace. And finally we'll follow the trade debate up to the modern day, where the tides of American politics have turned toward regulation.

We cover:

  • Protectionism
  • Tariffs
  • Comparative advantage
  • Concentrated benefits and diffuse costs

This series is hosted by Robert Smith and produced by Audrey Dilling. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Sofia Shchukina.

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Robert Smith is a host for NPR's Planet Money where he tells stories about how the global economy is affecting our lives.
Alex Goldmark is the senior supervising producer of Planet Money and The Indicator from Planet Money. His reporting has appeared on shows including Morning Edition, All Things Considered, Radiolab, On The Media, APM's Marketplace, and in magazines such as GOOD and Fast Company. Previously, he was a senior producer at WNYC–New York Public Radio where he piloted new programming and helped grow young shows to the point where they now have their own coffee mug pledge gifts. Long ago, he was the executive producer of two shows at Air America Radio, a very short term consultant for the World Bank, a volunteer trying to fight gun violence in the favelas of Rio de Janeiro, and also a poor excuse for a bartender in Washington, DC. He lives next to the Brooklyn Bridge and owns an orange velvet couch.
Audrey Dilling