The Wealth of a Nation: A History of Trade Politics in America

Johnson draws on his experience as a former U.S. Trade Representative for President Bill Clinton in this lucid and distinguished examination of the history of trade in America. Johnson provides reassuring evidence that the country’s current politico-economic climate is not unique, or even new, reminding readers that trade debates date to the founding fathers, as do protectionist movements. Johnson also knowledgeably describes current trade agreements between the U.S. and other countries, and makes a case that abandoning them is contrary to American interests and harmful to American workers. Regarding America’s trade imbalance, the experts Johnson cites attribute it to the country’s low domestic savings rate and longstanding federal budget deficit, not nefarious foreign trading partners. He notes how the Trump administration, in trying to withdraw from multilateral trade agreements to forge bilateral ones with individual countries, had to be repeatedly reminded that bilateral agreements with Germany, an EU member, were impossible, as they are with the U.K. until Brexit is complete. Through this and other illustrative examples, Johnson demonstrates why trade cannot be understood in isolation, but as part of other economic and political considerations. This thoughtful, eloquent history also doubles as a plea for improved public understanding of a vital issue. (May)