My “Occupy Monterey” Talk, Part III, by David Henderson (Econlog)
For Parts I and II, see here and here.
“One big advantage of free markets,” I said, “is that they make wars less
likely. When there is a lot of trade between countries, both sides have more
to lose by going to war. Many scholars who study war and trade have been aware
of this connection. This was recognized as early as 1750, when Baron de
Montesquieu stated that ‘peace is the natural effect of trade.’ This was
confirmed in a 2006 study, “An Analysis of Dyadic Dispute,” by Solomon W.
Polachek of the State University of New York at Binghamton and Carlos Seiglie
of Rutgers University. Polachek and Seiglie show that the higher the gains
from trade between two trading partners, the lower the level of conflict
between them. A doubling of trade leads to a 20 percent decrease in
belligerence. In short, trading nations cooperate more and fight less.”
“Or think about what mortal enemies India and Pakistan have been. And yet as
trade between those two countries has increased, they have been able to calm
down the various disputes about borders and territory. Also, remember the
first few months of the Bush …
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