The Only International Economic Policy That a Country Needs: "Mind Your Own Business and Set a Good Example."
The international economic scene is dominated by state interventions
at all levels. Daily we read of disputes over exchange-rate
manipulation, protectionist tariffs followed by retaliatory tariffs,
highly regulated free-trade blocs that erect trade barriers to nonbloc
nations, bilateral trade agreements, and more. For instance, Great
Britain is a member of the European Union (EU) but not of the European
Monetary Union (EMU), meaning that it abides by all the regulations and
pays all the assessments to remain a member of the EU in order to trade
freely with the other members of the 27-country EU. But it does not use
the common currency, the euro, which is used by only 17 of the EU
members. British industry chafes at the many seemingly meaningless and
bizarre regulations that raise the cost of British goods just so Britain
can trade freely within the EU. Some regulations are so onerous that
some British manufactures will be put out of business. The pro-EU
faction in Britain, such as the leadership of the three main parties —
the Conservatives, Labour, and the Liberal Democrats — recognizes the
damage but proposes to lobby for special exemptions on a case-by-case
basis. The anti-EU faction, led by the United Kingdom Independent Party
(UKIP), wants Britain out of the EU entirely, arguing that the cost of
membership is too great and that the loss of sovereignty is
unconstitutional. The same debate can be seen within every EU nation to
some degree.
