Review of "The Wall and the Bridge: Fear and Opportunity in Disruption’s Wake," by Glenn Hubbard

 Review of

The Wall and the Bridge: Fear and Opportunity in Disruption’s Wake, by Glenn Hubbard ISBN 9780300259087

Five out of five stars

Sound and wise economic advice, often ignored

 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.

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