During an administration that has imposed huge tariffs on goods from China and elsewhere.

And during a health crisis that has businesses

across the country re-examining their investments abroad,

what's the right way to think about international trade. Is free trade still the best policy?

Douglas Irwin is the John French professor of economics at Dartmouth College. He's the author of a number of books including

the definitive history of American Trade Policy clashing over commerce. Doug, thanks

for joining us and welcome everyone to this special plague time edition of

uncommon knowledge. Doug is in his office in Hanover, New Hampshire, have I got

that right? That's where you are? That is correct, yes. Right. And you have all those books memorized I suppose.

I've looked at most of them. And I'm here at home in Palo Alto.

Doug, the case briefly, the case in principle for free trade. It goes all the way back to Adam

Smith and Wealth of Nations and because I knew I was going to be on with you and you're a hard greater I took the trouble to look up the central quotation here

This is Adam Smith in wealth of nations 1776

If a foreign country can supply us with a commodity cheaper, then we ourselves can make

it, better buy it, off them, close quote. Explain that. Elaborate on that one for us just a little.

Sure, well, the way to think about international trade is it's a two-way street.

It's not just you're buying from others, you're also selling to others.

And so countries have to export in order to afford the imports that they buy.

But basically, and you're right to start with Smith,

because he's a great expositor of this doctrine in Book 4 of the

affirmations, it's still worth reading today.

He talks about specialization, the gains from specialization and then trade.

...