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The Choice: A Fable of Free Trade and Protectionism
Target for principles of economics, surveys of economics, international economics, international trade, or managerial economics. No prior economics is assumed, but the material can be taught at all levels. Written as a novel, the book makes the complex concepts, issues and terminology of international trade understandable for students. Professors complain that their students cannot grasp the nature of how some economic tools are used or how they work in life. This novel bridges the gap of concepts with applications by use of a fictional story. David Ricardo comes to life to discuss international trade theory and policy with Ed Johnson, a fictional American television manufacturer seeking trade protection from television manufacturers. Their dialogue is a sophisticated, rigorous discussion of virtually every major issue in trade theory and policy. To illustrate the positive and normative effects of international trade and trade policy, Ricardo takes the reader and Ed Johnson into the future to see an America of free trade and an America of complete self-sufficiency. The fictional element brings these topics to life so that students gain the intuition and understanding of how trade changes the lives of people and the industries they work in. The fundamental intuition of how international markets function including general equilibrium effects and policy analysis is provided.
132 pages, Paperback
First published May 1, 2000
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656 people want to read
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Displaying 1 - 30 of 52 reviews
December 3, 2022
Well, this was hard to rate. The "storyline" part of this "economic fable" was weaker, I thought, than The Invisible Heart, but the economic explanations were generally pretty well done. Maybe 3 for the story, 4 for the economics. This would have been hard to fit better in a storyline, I guess. Even armed with this book and all the statistics the world has produced, it seems to me that most of this country is still not ready, willing, or able to hear the arguments for free trade. Kind of sad. This was generally well done but still isn't going to budge your standard "But them furriners is taking all our jobs!" American.
December 31, 2009
Simple fable of free trade and why protectionist tactics don't help anybody in the long run, and almost no one in the short run. Couldn't be a more timely read, given our new tariffs against Chinese tires and steel.
This book also makes the most eloquent case I've ever read for welcoming goods from abroad in all cases, even if another nation has imposed protectionist barriers (tariffs, quotas, etc.) against our own goods. It may not "feel" fair, but it's the best, most humane, way to go.
Highly recommended.
This book also makes the most eloquent case I've ever read for welcoming goods from abroad in all cases, even if another nation has imposed protectionist barriers (tariffs, quotas, etc.) against our own goods. It may not "feel" fair, but it's the best, most humane, way to go.
Highly recommended.
September 15, 2015
Восхитительная книга, наполняющая гордостью за профессию: Давид Рикардо возвращается на один вечер с того света на Землю, чтобы спасти Америку и себя. Четырнадцать остроумных диалогов, которые демонстрируют, что протекционизм делает более бедными не просто "нас", а нашу жизнь. И еще больше жизнь наших детей.
Пожалуй, лучшая популярная работа о протекционизме из тех, что написаны после Бастиа (первая половина XIX века).
Пожалуй, лучшая популярная работа о протекционизме из тех, что написаны после Бастиа (первая половина XIX века).
May 24, 2021
Neat fable about economics channelling in David Ricardo in an It's a Wonderful Life-like story of showing what could be without free trade. The book is set in 1960s America with David Ricardo, the 19th century economist, taking a fictional CEO into the future in 2005 to show him what happens if he lobbies the government for protection for his TV manufacturing facility. Author Russ Roberts uses stories, data, and anecdotes from actual companies to weave this story together. It sure beats a textbook.
November 19, 2021
Een zeer leesbaar boek dat de lezer laat kennismaken met de handelstheorieën van Ricardo. Aan de hand van gesprekken tussen de geest van de denker en een fictieve Amerikaanse televisiefabriekseigenaar in combinatie met voorbeelden uit het echte leven, legt de auteur de economische voordelen van vrijhandel uit, evenals de irrationaliteit en perverse effecten van protectionisme. Het is belangrijk dit boek in de context van zijn tijd te plaatsen: de tekst is geschreven in 1994, in de gloriedagen van de globalisering. Dit betekent dat latere studies en kwesties die van cruciaal belang zijn voor het huidige debat, zoals het klimaat, niet in aanmerking komen. Dit neoliberalistische manifest moet dus met de nodige korrel zout worden gelezen. Mits de gebreken is het boek zeer gepast voor alle niet-economen die op zoek zijn naar een eenvoudige inleiding in de handelstheorie, en degenen die de belangrijkste beweegredenen achter vrijhandel willen begrijpen. Vooral de schijnbaar ongerechtvaardigde protectionistische houding van de VS tegenover Japan in de jaren zestig en zeventig lijkt griezelig veel op de huidige retoriek over de oneerlijke handelspraktijken van China. Naar mijn mening kan het boek ons aanzetten tot een tweede, rationelere kijk op de economische betrekkingen tussen het Westen en China.
January 8, 2024
read this for a class… it’s all dialogue and about free trade and economics… hated it
May 31, 2024
First book of 2024 was (naturally) for a global economics class.. interesting approach to highlighting the merits of free trade but SO repetitive
May 7, 2020
"The Choice" is, quite frankly, a ridiculous book. It's so unapologetically utilitarian, and neoclassical in its adoration for the market, it reads like the finest Milton Friedman propaganda I have ever come across. At one point, Russell explains that free trade is what allows your children to pursue their dreams, and that's the least of it. Wait till you get to the last chapter, where Roberts can complain of the undeserved lowly reputation of economists - as if!
AND YET, can I say that it is a bad book? Not at all; it's brilliant. It manages to explain in a digestible form a variety of controversies surrounding free trade, from the fear of job loss to complaints about the trade deficit (complaints which can only be subsided by dealing with the difficult concept of the net financial inflow!). To say that it's perfect for non-economists doesn't cut it - it can help econ students who haven't taken courses in international trade understand what the main issues are just as well.
Some of the reviewers have complained about the lack of plot, and yes, "The Choice" doesn't really compare to the Great Gatsby. Then again, if you're considering reading this book, you're probably not expecting that anyways. If you decide to read "The Choice," it's to get educated on the limited by complete view that neoclassical economists have on the matter.
AND YET, can I say that it is a bad book? Not at all; it's brilliant. It manages to explain in a digestible form a variety of controversies surrounding free trade, from the fear of job loss to complaints about the trade deficit (complaints which can only be subsided by dealing with the difficult concept of the net financial inflow!). To say that it's perfect for non-economists doesn't cut it - it can help econ students who haven't taken courses in international trade understand what the main issues are just as well.
Some of the reviewers have complained about the lack of plot, and yes, "The Choice" doesn't really compare to the Great Gatsby. Then again, if you're considering reading this book, you're probably not expecting that anyways. If you decide to read "The Choice," it's to get educated on the limited by complete view that neoclassical economists have on the matter.
January 30, 2016
Imagine that George Bailey in It’s a Wonderful Life had wrestled not with the impulse to throw himself off of a bridge, but with the decision whether or not to endorse a protectionist presidential candidate whose platform promised to bar all imports from American shores – and that he was guided not by Clarence, but by the ghost of a long-dead economist, who showed him two different versions of America: one with free trade, and the other with barriers to imports. This is the premise of The Choice: A Parable of Free Trade and Protectionism, which is like two of Roberts’ other works, a policy argument in the form of a novel.
Like The Price of Everything, it’s short on narrative despite having the most ‘storied’ premise. Instead, the work is a series of debate dialogues about economic issues that join together to constitute one larger argument for tree trade and against protectionism. Some points ring more true than others, for instance Russell’s/Ricardo’s demonstration of how total economic self-sufficiency impoverishes a society. He uses the example of a household that chooses to ‘bar the import of bread’ and begin manufacturing its own bread. Certainly, this has advantages: homemade bread is of a far superior quality and can be made to suit one’s own tastes. But the time involved in making bread to satisfy constant demand for it will take away from other activities, even if the household chooses to consume less bread. Other points don’t fly nearly as well, like Roberts maintaining that though American jobs will be through free trade, other opportunities will be created. In the book, an auto plant closes, and the children of that plant’s workers thus look for new opportunities in a pharmaceutical company that opens to sell drugs to Japan. If the plant hadn’t moved to Japan, not only would those children have taken the same job as their parents (bo-ring!), but Japanese people wouldn’t have had money to buy American drugs. Yes, it sucks to be the parents, but life balances out in the aggregate. I don’t like this argument, and ironically just yesterday I heard Roberts saying he doesn’t like it much either*, as it stinks of utilitarianism. It’s of poor consolation to the auto workers who lost their livelihood, but – life is change. Roberts hasn’t quite convinced me, though now I understand more fully the reasoning behind free trade arguments. I balk at embracing the book enthusiastically, however, because Roberts uses such an extreme example to argue with: his choice is between free trade America and an America totally without imports. Pardon may be granted in that it’s difficult to make much of an argument between two more moderate stances, as distinctions are blurred.
Be forewarned: though a work of interest to those thinking on the merits of free trade, or attempting to understand the economics of such, this is on the dry side. Lively as Roberts’ writing is, policy debates about systemic interaction can only get so exciting.
*http://www.econtalk.org/archives/2013...
Like The Price of Everything, it’s short on narrative despite having the most ‘storied’ premise. Instead, the work is a series of debate dialogues about economic issues that join together to constitute one larger argument for tree trade and against protectionism. Some points ring more true than others, for instance Russell’s/Ricardo’s demonstration of how total economic self-sufficiency impoverishes a society. He uses the example of a household that chooses to ‘bar the import of bread’ and begin manufacturing its own bread. Certainly, this has advantages: homemade bread is of a far superior quality and can be made to suit one’s own tastes. But the time involved in making bread to satisfy constant demand for it will take away from other activities, even if the household chooses to consume less bread. Other points don’t fly nearly as well, like Roberts maintaining that though American jobs will be through free trade, other opportunities will be created. In the book, an auto plant closes, and the children of that plant’s workers thus look for new opportunities in a pharmaceutical company that opens to sell drugs to Japan. If the plant hadn’t moved to Japan, not only would those children have taken the same job as their parents (bo-ring!), but Japanese people wouldn’t have had money to buy American drugs. Yes, it sucks to be the parents, but life balances out in the aggregate. I don’t like this argument, and ironically just yesterday I heard Roberts saying he doesn’t like it much either*, as it stinks of utilitarianism. It’s of poor consolation to the auto workers who lost their livelihood, but – life is change. Roberts hasn’t quite convinced me, though now I understand more fully the reasoning behind free trade arguments. I balk at embracing the book enthusiastically, however, because Roberts uses such an extreme example to argue with: his choice is between free trade America and an America totally without imports. Pardon may be granted in that it’s difficult to make much of an argument between two more moderate stances, as distinctions are blurred.
Be forewarned: though a work of interest to those thinking on the merits of free trade, or attempting to understand the economics of such, this is on the dry side. Lively as Roberts’ writing is, policy debates about systemic interaction can only get so exciting.
*http://www.econtalk.org/archives/2013...
October 17, 2019
(3.8/5) - I took an International Economics class at NYU. This was one of my favorite economics courses and what I learned in this class has proven to be useful in my understanding of current economic policies and political debates. Reading The Choice was instrumental in helping me place some of the notoriously abstract economic theories in a real-world context and in helping me see how these economic policies affect people and why the choices we make matter.
"The Choice is a novel that bridges the gap of economic concepts with their applications by use of a fictional narrative. The 18th-century British economist, David Ricardo, comes to life to discuss international trade theory and policy with Ed Johnson, a fictional American television manufacturer seeking trade protection from television manufactures. Their dialogue is a sophisticated discussion of virtually every major issue in trade theory and policy. The author successfully brings these topics to life so that students gain the intuition and understanding of how trade changes the lives of people and the industries they work in."
"The Choice is a novel that bridges the gap of economic concepts with their applications by use of a fictional narrative. The 18th-century British economist, David Ricardo, comes to life to discuss international trade theory and policy with Ed Johnson, a fictional American television manufacturer seeking trade protection from television manufactures. Their dialogue is a sophisticated discussion of virtually every major issue in trade theory and policy. The author successfully brings these topics to life so that students gain the intuition and understanding of how trade changes the lives of people and the industries they work in."
March 2, 2018
Roberts presents several important economic concepts through the voice of angel David Ricardo, which makes for a pretty interesting set up. The message of the book is one that is important to be read today, with protectionism and America First rhetoric gaining traction. The characters often go over concepts over again in more detail, so by the end of the book you’ll feel that you understand some of the concepts better, so it’s worth it! Also, I read the whole book in Russ Roberts’ voice, which made it even better :)
June 19, 2009
I had a harder time getting through this book than I have had with other of Roberts's books. I got bogged down in the economic details of free trade and protectionism. Nonetheless, I admire Roberts's determination to present these principles to the average reader to help them better understand economics.
July 28, 2008
I had to read this book for a class, but I enjoyed it. It's written as a "It's a Wonderful Life" like narrative, but includes facts and theories on free trade. I recommend it to all policy-makers, and anyone who has ever been unsure about the benefits of trade.
January 24, 2008
A great illustration of how trade enriches all
April 2, 2019
Okuması kolay. Serbest ticaret argümanlarını basit bir şekilde anlatıyor. Sözde hikayeleştirilmiş ama hikaye örgüsü yok denebilecek kıvamda, diyaloglar üzerinden ilerliyor. Fena değil. Kısa yoldan liberal argümanları öğrenmek için alınabilir. Sayısal verilerle matematik işlemleri ile pek kafanızı yormaz. Sözel örneklerle derdini anlatan bir kitap.
January 15, 2024
While I think that the execution of the storyline could have been better, I still recommend this book. It explains classical economist's David Ricardo's views on Free Trade in an easy-to-understand way and introduces additional discussions, such as Comparative Advantage and the debate between Fair Trade and Free Trade, backed with data.
June 28, 2019
Simply terrific for teaching. You can find a series of discussion questions in the #EconlibReads Facebook group and using same hashtag on Twitter. A PDF will soon be available as well. Super timely reading today, alas.
June 3, 2019
Great book for intro to micro.
August 20, 2019
Liberalizm'in argümanlarını kurgu bir hikayede diyaloglar üzerinden anlatmaya çalışan iktisat kitabı. Farklı bir tarz, okurken keyif aldım, tavsiye ederim.
April 30, 2020
her liberalin cep kitabi olması gerektiğini düşünüyorum, liberal politikaların ve düşüncenin gercek hayattaki yansimalarini bu kadar açık bir sekilde anlatan çok da fazla kitap yok
May 12, 2021
Read it for school. Honestly not a bad book, learned a lot about free trade and harms of protectionism.
October 21, 2024
It was fine but sections on national security and state capacity are so bad that makes exercise pointless
January 19, 2025
Had to read for school. Not my cup of tea
August 18, 2025
The economics are great and timely. The prose is okay.
October 1, 2025
Interesting perspective from an anti-protectionist
Glad I finally read the book I pretended to read in ap economics.
Glad I finally read the book I pretended to read in ap economics.
July 15, 2010
If you are at all unclear about the economics of free trade, this little book will clear things up in the easiest possible way. Roberts presents fictional dialog between the (truly) great economist David Ricardo and a well-meaning capitalist who wants to protect American jobs.
The last couple of years have highlighted how diverse and politicized the opinions of economists can be. So when such a substantial concept (global free trade) garners near unanimity among the experts, it's well worth a couple of hours for each of us to get it straight.
The last couple of years have highlighted how diverse and politicized the opinions of economists can be. So when such a substantial concept (global free trade) garners near unanimity among the experts, it's well worth a couple of hours for each of us to get it straight.
December 31, 2012
I am new to the world of economics and was presented this book as a precursor to the Free Trade perspective. The Choice presents the concepts of Free Trade from a storyline perspective between an Angel and a man named Ed. If you can get by the idea of God driving the concept of free trade as the right way to think and take the pieces the storyline is trying to present and take this presentation as a piece of the puzzle or the piece of what economics is - then your good. This book was a great way for me to glean what free trade is and how it relates to me as a citizen of a country.
August 26, 2014
I read this book as a primer for my international Economics class which I am currently enrolled in.
I cannot comment intelligibly on the matter, except for the fact that I came out smarter with a strong opinion agreeing with the author for free trade and against protectionism and really enjoyed reading the conversational style and the characters dialogue on the issue. Really well written and easy to grasp and follow the logic. Maybe a little repetitive, but that doesn't hurt to drive home the point.
I cannot comment intelligibly on the matter, except for the fact that I came out smarter with a strong opinion agreeing with the author for free trade and against protectionism and really enjoyed reading the conversational style and the characters dialogue on the issue. Really well written and easy to grasp and follow the logic. Maybe a little repetitive, but that doesn't hurt to drive home the point.
June 29, 2013
The plot follows the likes of "It's a Wonderful Life" where an angel is granted the right to "touchdown" on Earth and provide insight into what the future may look like based on decisions today. Has the butterfly effect to it and is really a very enlightening read. I love it and it makes me feel so much better about free trade policies and how important they are to the global economy. Read as part of my International Finance course at the University of Oregon.
December 6, 2013
A must read for every American. As weak as the story like may be, I think there are few ways this book could have been made easier to understand. It was concise, and presented every question that I could theorize against free trade. It opens your mind to how a powerful economy truly works.
Roberts hammered home the idea that trade doesn't change the NUMBER of jobs, just the TYPE of jobs within a nation.
Roberts hammered home the idea that trade doesn't change the NUMBER of jobs, just the TYPE of jobs within a nation.
Displaying 1 - 30 of 52 reviews