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The Wall and the Bridge: Fear and Opportunity in Disruption’s Wake
An informed argument for an economic policy based on bridges of preparation and adaptation rather than protective walls of protection and exclusion
Free‑market economists often have noted that there are winners and losers in a competitive capitalist world. The question of how to deal with the difficult real‑life consequences faced by the losers, however, has largely been ignored. Populist politicians have tried repeatedly to address the issue by creating walls—of both the physical and economic kinds—in order to insulate communities and keep competition at bay.
While recognizing the broad emotional appeal of walls, economist Glenn Hubbard argues that because they delay needed adaptations to the ever‑changing world, walls are essentially backward‑looking and ultimately destined to fail. Taking Adam Smith’s logic to Youngstown, Ohio, as a case study in economic disruption, Hubbard promotes the benefits of an open economy and creating bridges to support people in turbulent times so that they remain engaged and prepared to participate in, and reap the rewards of, a new economic landscape.
Free‑market economists often have noted that there are winners and losers in a competitive capitalist world. The question of how to deal with the difficult real‑life consequences faced by the losers, however, has largely been ignored. Populist politicians have tried repeatedly to address the issue by creating walls—of both the physical and economic kinds—in order to insulate communities and keep competition at bay.
While recognizing the broad emotional appeal of walls, economist Glenn Hubbard argues that because they delay needed adaptations to the ever‑changing world, walls are essentially backward‑looking and ultimately destined to fail. Taking Adam Smith’s logic to Youngstown, Ohio, as a case study in economic disruption, Hubbard promotes the benefits of an open economy and creating bridges to support people in turbulent times so that they remain engaged and prepared to participate in, and reap the rewards of, a new economic landscape.
248 pages, Hardcover
First published January 1, 2022
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174 people want to read
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Displaying 1 - 5 of 5 reviews
April 28, 2025
This book tries to do three things. First it is one of the clearest discussions of the writing of Adam Smith which includes not just the Wealth of Nations (the most quoted least read book in economics) but also the Theory of Moral Sentiments. Many commentators on Smith ignore the fact the Smith was a "moral" philosopher and thus worked with concepts such as "mass flourishing" and "self interest rightly understood". As I have argued elsewhere the two books should actually be read as one. His book was first an attack on mercantilism rather than the Bible of free markets. Hubbard's discussion of Smith's thinking is first rate.
The second part of the book does a good discussion of why what he calls walls (impediments to free markets) are a terrible idea. He makes a strong case for the multiple errors of enacting walls like tariffs and other policies which impede the ability of individuals and nations from achieving their best.
In an early part of the book he describes how steel tariffs affected places like Youngstown - where the barriers led to mass changes to the economy of the area by slowing down the creative destruction of parts of the economic system while ignoring the needs of those who have been displaced by those changes. His analysis of the effects of those walls is quite good.
But third he then tries to describe mitigating institutions in government and the private sector which can help those displaced by technological changes and other factors of trade. Here I think he relies too much on not very creative thinking. He argues for a series of measures including changing the way social insurance works, funding an expansion of funding for community colleges, and using national service as a way to get people to transition. Here I think he relies too much on proposals which offer little to aid people in their transitions from one area to another. I agree that government has some role in improving the transitions but many of his proposed solutions, IMHO, offer a return to mercantilist strategies.
The book was written as Trump one was ending and Biden was beginning. He seems to laud many of Biden's proposals like his massively boondogglely infrastructure bill which did two things very successfully - drive up the deficit and absolutely nothing else except build expectations. We've had enough of those solutions to last more than a lifetime.
Hubbard's analysis of why we have large numbers of workers who seem to have been dumped out of the productive part of the economy but I fear that his proposals will do nothing to improve those worker's detachment. Early in my career I worked on a couple of proposals which were modeled after a couple of Nordic country initiatives which allow workers to save for displacements and then use those funds for training for new work.
Clearly to achieve "mass flourishing" policy makers in the public and private sectors need to consider new things that come from the bottom up.
We clearly do not need walls either in tariffs or in other restrictive mechanisms that limit activity. But we also don't need to set up new programs which are just as destructive as the walls.
The second part of the book does a good discussion of why what he calls walls (impediments to free markets) are a terrible idea. He makes a strong case for the multiple errors of enacting walls like tariffs and other policies which impede the ability of individuals and nations from achieving their best.
In an early part of the book he describes how steel tariffs affected places like Youngstown - where the barriers led to mass changes to the economy of the area by slowing down the creative destruction of parts of the economic system while ignoring the needs of those who have been displaced by those changes. His analysis of the effects of those walls is quite good.
But third he then tries to describe mitigating institutions in government and the private sector which can help those displaced by technological changes and other factors of trade. Here I think he relies too much on not very creative thinking. He argues for a series of measures including changing the way social insurance works, funding an expansion of funding for community colleges, and using national service as a way to get people to transition. Here I think he relies too much on proposals which offer little to aid people in their transitions from one area to another. I agree that government has some role in improving the transitions but many of his proposed solutions, IMHO, offer a return to mercantilist strategies.
The book was written as Trump one was ending and Biden was beginning. He seems to laud many of Biden's proposals like his massively boondogglely infrastructure bill which did two things very successfully - drive up the deficit and absolutely nothing else except build expectations. We've had enough of those solutions to last more than a lifetime.
Hubbard's analysis of why we have large numbers of workers who seem to have been dumped out of the productive part of the economy but I fear that his proposals will do nothing to improve those worker's detachment. Early in my career I worked on a couple of proposals which were modeled after a couple of Nordic country initiatives which allow workers to save for displacements and then use those funds for training for new work.
Clearly to achieve "mass flourishing" policy makers in the public and private sectors need to consider new things that come from the bottom up.
We clearly do not need walls either in tariffs or in other restrictive mechanisms that limit activity. But we also don't need to set up new programs which are just as destructive as the walls.
December 30, 2024
Dean Emeritus Glenn Hubbard of Columbia Business School's book, "The Wall and the Bridge" should be required reading for everyone on planet Earth that cares about people and doing right by others.
It is super awesome at making the case for us to go beyond the laissez-faire and state capitalist ideas that have such economic gaps that they lead to populist politicians like Trump going on about the protectionist "walls" of tariffs and some idiotic physical barrier at the U.S. Southern border in order to "Make America Great Again" when in fact, that "wall" building advocate and coward Trump, and his idiot ideas will just put the humming economy, with decreasing inflation, that we have now, as of this writing, into a downturn.
To be sure, Dean Hubbard makes very clear and convincing recommendations about how we can make the ultimate goal of mass flourishing a reality, and he adds that these kinds of measures are not just available for use here, but abroad as well. And I appreciate very much, too, that Dean Hubbard is very careful to point out the slippery slope of seductive, mercantilist tinkering in the dynamic economy that Oren Cass, of "American Compass," suggests. I recall here Cass, and his article entitled "Putting Dynamism in Its Place" published in National Affairs, as well as the misplaced protectionist leanings of people like Peter Navarro of the Trump administration 1.0.
And here is my personal take: I've been the recipient of a fantastic college education at an elite University as an undergraduate, then combat US Army service, and service in Europe, not to mention my subsequent attendance at a business school (Columbia) rated as best in the world recently by the Financial Times, and regardless, have been unemployed for a long time.
But reading Dean Hubbard's book and thinking to myself that we could have a President who has read it and who was as moved by Dean Hubbard's compassionate concrete thinking about building bridges so that people displaced by the rapidly changing and growing dynamic global economy could be supported while transitioning and then rejoining the economy as it is and as it will be, not as it was, which leads to mass flourishing, gives me a lot more hope than anticipating the upcoming Inauguration of the jerk the American people just saw fit to elect, again, as president.
I guess that "liberty" is having the right to tell someone something that that person does not want to hear, so that last bit is for those clueless Americans, as well as others in other countries, who buy into populist leaders like Donald J. Trump, and who chose to vote for people like that man, as well as for old (78 years old, in fact, and cannot handle even a modest foreign trip, even four years ago) DJT himself. America, we can do better. We deserve better than Donald J. Trump, and so do others in other countries for their own leaders, as well as America's.
It is super awesome at making the case for us to go beyond the laissez-faire and state capitalist ideas that have such economic gaps that they lead to populist politicians like Trump going on about the protectionist "walls" of tariffs and some idiotic physical barrier at the U.S. Southern border in order to "Make America Great Again" when in fact, that "wall" building advocate and coward Trump, and his idiot ideas will just put the humming economy, with decreasing inflation, that we have now, as of this writing, into a downturn.
To be sure, Dean Hubbard makes very clear and convincing recommendations about how we can make the ultimate goal of mass flourishing a reality, and he adds that these kinds of measures are not just available for use here, but abroad as well. And I appreciate very much, too, that Dean Hubbard is very careful to point out the slippery slope of seductive, mercantilist tinkering in the dynamic economy that Oren Cass, of "American Compass," suggests. I recall here Cass, and his article entitled "Putting Dynamism in Its Place" published in National Affairs, as well as the misplaced protectionist leanings of people like Peter Navarro of the Trump administration 1.0.
And here is my personal take: I've been the recipient of a fantastic college education at an elite University as an undergraduate, then combat US Army service, and service in Europe, not to mention my subsequent attendance at a business school (Columbia) rated as best in the world recently by the Financial Times, and regardless, have been unemployed for a long time.
But reading Dean Hubbard's book and thinking to myself that we could have a President who has read it and who was as moved by Dean Hubbard's compassionate concrete thinking about building bridges so that people displaced by the rapidly changing and growing dynamic global economy could be supported while transitioning and then rejoining the economy as it is and as it will be, not as it was, which leads to mass flourishing, gives me a lot more hope than anticipating the upcoming Inauguration of the jerk the American people just saw fit to elect, again, as president.
I guess that "liberty" is having the right to tell someone something that that person does not want to hear, so that last bit is for those clueless Americans, as well as others in other countries, who buy into populist leaders like Donald J. Trump, and who chose to vote for people like that man, as well as for old (78 years old, in fact, and cannot handle even a modest foreign trip, even four years ago) DJT himself. America, we can do better. We deserve better than Donald J. Trump, and so do others in other countries for their own leaders, as well as America's.
June 9, 2023
For the purpose of this book, a wall is any structure, legal, procedural or structural that actively modifies what is happening in either the macro or micro economic field in a country or the world. They range from protective tariffs to physical walls that prevent the free and unfettered transfer of economic goods of all forms, including human.
Conversely, a bridge is any structure that softens the blow of economic dislocation. That includes everything from unemployment insurance payments, retraining programs and other programs that provides displaced workers opportunities other to replace those that were lost. As a center-right economist that served under President George W. Bush, Hubbard comes out strongly in favor of bridges over walls. All while admitting that the political pressure is sometimes too strong to resist and that he was overruled by President Bush when he argued against artificial means being used to support the American steel industry.
Hubbard’s arguments begin with a refutation of mercantilism as a sound economic policy and moves forward to explain in great rational detail why the creation of walls is generally counterproductive. His positions cannot easily be refuted by appeals to economic history or theory. Which is why economists of his positions are often overruled. Appeals to the walls are largely based on emotion and it is a general rule that in politics, emotion will generally overcome sound factual analysis. It is easier for politicians to be seen to be doing something perceived to work in the short term rather than develop a long-term strategy that will take years to bear fruition.
This is a very good book with clear descriptions of many sound paths that will lead to sustainable economic growth and minimal overall financial disruption.
Conversely, a bridge is any structure that softens the blow of economic dislocation. That includes everything from unemployment insurance payments, retraining programs and other programs that provides displaced workers opportunities other to replace those that were lost. As a center-right economist that served under President George W. Bush, Hubbard comes out strongly in favor of bridges over walls. All while admitting that the political pressure is sometimes too strong to resist and that he was overruled by President Bush when he argued against artificial means being used to support the American steel industry.
Hubbard’s arguments begin with a refutation of mercantilism as a sound economic policy and moves forward to explain in great rational detail why the creation of walls is generally counterproductive. His positions cannot easily be refuted by appeals to economic history or theory. Which is why economists of his positions are often overruled. Appeals to the walls are largely based on emotion and it is a general rule that in politics, emotion will generally overcome sound factual analysis. It is easier for politicians to be seen to be doing something perceived to work in the short term rather than develop a long-term strategy that will take years to bear fruition.
This is a very good book with clear descriptions of many sound paths that will lead to sustainable economic growth and minimal overall financial disruption.
January 14, 2024
Excellent book by a very solid Republican economist. Somewhat of a repentance letter from an avowed neoliberal. Very comprehensive and correct assessment of the need for strong pro market regulation, human flourishing agendas, and human infrastructure investments to bridge the rapidly changing economy. Really enjoyed this, and have a lot of respect for Glenn Hubbard.
January 16, 2023
Hubbard is one of the few on the center-right that understands how the working class has been affected by the massive changes in the economy. He offers a third way between protectionism and laissez-faire economics.
Displaying 1 - 5 of 5 reviews