Trade Is Not a Four-Letter Word: How Six Everyday Products Make the Case for Trade

Hochberg, a former chairman of the Export-Import Bank of the United States, aims to “demystify, debunk, elucidate, and enliven” the issue of global trade in this quip-filled and illuminating debut. He begins with a glossary of economic terms, then sketches the history of American trade before correcting such myths as the assumption that trade deficits matter. Hochberg justifies his pro-trade stance by analyzing commodities including taco salad, which he says demonstrates the importance of global supply chains and the value of consumer variety, and a U.S. education, which he claims has “helped create a pipeline of American values and international friendship with the rest of the world.” Hochberg acknowledges that globalism has resulted in the loss of some American jobs to foreign workers. To mitigate such outsourcing, he advocates a universal basic income, worker retraining programs, and a stronger social safety net. Hochberg hails the “flexible, adaptable work opportunities” created by such companies as Uber and Airbnb without fully addressing the limits of the gig economy, but he balances capitalist cheerleading with an acknowledgment that “trade creates winners and losers.” Lay readers looking to reach a more informed opinion on trade policy would do well to pick up this nuanced and approachable account. (Jan.)