IEA Podcast

In Defence of Unfair Competition | IEA Briefing


Listen Later

In this IEA Briefing, Communications Director Callum Price sits down with Editorial Director Kristian Niemietz to discuss his new SubStack piece "In Defence of Unfair Competition: Why it is a fallacy to treat market competition like a sports competition." Niemietz explains that while sports require standardised rules and level playing fields, markets thrive on natural advantages and different approaches to solving problems. Using examples from wine production to international trade, he shows why "unfair" advantages in business - whether from geography, climate, or even government policies - shouldn't necessarily be "corrected."

The discussion is particularly timely given Donald Trump's recent calls for "level playing fields" in international trade, with Niemietz arguing that attempts to equalise trading conditions through tariffs ultimately harm consumers. When higher-priced domestic products are protected from cheaper foreign competition, consumers end up paying more and have less to spend elsewhere in the economy, making the whole country poorer.

Drawing on historical examples, Niemietz contrasts the success of free-trading economies like Hong Kong and Singapore with the poor performance of protectionist Latin American countries in the 20th century. He challenges Trump's narrative about 19th century American protectionism, citing research showing that less protected industries actually performed better. The key takeaway: while large economies like the US might be able to "get away with" protectionism, the evidence suggests free trade produces better outcomes.



Get full access to Institute of Economic Affairs | Insider at insider.iea.org.uk/subscribe
...more
View all episodesView all episodes
Download on the App Store

IEA PodcastBy Institute of Economic Affairs

  • 5
  • 5
  • 5
  • 5
  • 5

5

13 ratings


More shows like IEA Podcast

View all
Politics Unpacked by The Times

Politics Unpacked

118 Listeners

Best of the Spectator by The Spectator

Best of the Spectator

184 Listeners

The spiked podcast by The spiked podcast

The spiked podcast

207 Listeners

Coffee House Shots by The Spectator

Coffee House Shots

177 Listeners

Americano by The Spectator

Americano

262 Listeners

The Brendan O'Neill Show by The Brendan O'Neill Show

The Brendan O'Neill Show

359 Listeners

The Edition by The Spectator

The Edition

54 Listeners

Last Orders - a spiked podcast by Last Orders - a spiked podcast

Last Orders - a spiked podcast

55 Listeners

New Culture Forum by New Culture Forum

New Culture Forum

87 Listeners

The Daily T by The Telegraph

The Daily T

99 Listeners

IFS Zooms In: The Economy by Institute for Fiscal Studies

IFS Zooms In: The Economy

4 Listeners

Planet Normal by The Telegraph

Planet Normal

189 Listeners

Chopper's Political Podcast | GB News by GB News

Chopper's Political Podcast | GB News

11 Listeners

Not Another One by Steve Richards, Miranda Green, Tim Montgomerie and Iain Martin

Not Another One

23 Listeners

The Sceptic by The Daily Sceptic

The Sceptic

4 Listeners