Trade
Trade creates wealth. See Adam Smith, The Wealth of Nations (1776). The world’s wealthiest nation, the U.S.A., is the most successful economic union in world history.
Russell David “Russ” Roberts is an economist and a research fellow at Stanford University’s Hoover Institution. Roberts states that self-sufficiency is the road to poverty. Roberts in a podcast elaborates on the economic theories of Adam Smith and David Ricardo to explain how specialization and trade creates wealth and how radical self-sufficiency leads to poverty.
Trade restrictions reduce the benefits of trade for consumers. Adam Smith condemned government restrictions that restricted an economic activity . . . [more]


