Thread by @NR_Institute

Some on the Right point to trade deficits with other countries and the decline of American manufacturing as evidence that free trade doesn’t work; that the reduction of trade barriers and the optimizing of our economy and workforce into services has “screwed over” our countrymen. 🇺🇸

The truth is complicated.

When Reagan became president on January 20, 1981, he inherited the Nixon-Carter mess of “stagflation.” The economy was in recession and prices were inflating in the double digits. 💸

To combat this, Reagan implemented policies recommended by Art Laffer (see Laffer curve) and Kurt Hauser, policies commonly known as "Reaganomics."

A combination of cutting the highest marginal tax rates and maintaining tight money–high interest rates and discipline with monetary policy–eventually led to strong and stable economic growth and the flourishing of all Americans in the 1980s.

Buckley and National Review advocated for the principle of free enterprise, for which Reagan served as its champion.

“Only government can cause inflation, preserve monopoly, and punish enterprise,” Buckley quipped. 🖋️

Through his writing, Buckley gave the conservative movement the philosophical armor to defend itself against those who promoted anti-growth policies.

National Review maintains the principle that when it comes to the economy, government works best when it gets out of the way.

@NRCapMatters editor @AStuttaford gives us a present-day example of the federal government’s partial nationalization of Intel in the name of “national security.” Intel originally planned to sell off its underperforming asset–the foundry–but with government involvement, it is “expected to hang onto it.”

📉Private shareholders who are motivated by the bottom line may disagree with this change and see partial nationalization as the devaluation of the stock. But we will wait and see how things play out.

Regardless, National Review’s writers opine in various perspectives when applying the principle of free enterprise to today.

Staff writer @michaelbd argues that free trade theory, where a global market is indifferent to “the distribution of goods, skills, technological capacities, and power among nations,” cannot be universally applied in the running of an independent country. 🗺️

What do you think?

To celebrate Buckley’s centennial year, we are partnering with @ISI to host the debate, “Buckley: Conservative or Libertarian?”

@michaelbd will take the conservative side, @ToryAnarchist will take the libertarian side, and @charlescwcooke will serve as moderator.

Come see the best of the Right on September 16 at the Sheraton Commander Hotel, just outside of the Harvard campus. 🔉

Register now at bit.ly/buckleydebate.