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 Richmans' Trade and Taxes Blog



Our New Book -- Balanced Trade
Jesse Richman, 5/12/2014

Lexington Books has just brought to market our new book Balanced Trade: Ending the Unbearable Costs of America's Trade Deficits, by Jesse Richman, Howard Richman, and Raymond Richman.

“Balanced Trade: Ending the Unbearable Costs of America’s Trade Deficits addresses the problems caused by this country’s unbalanced trade in a straightforward and hard-hitting way. The book describes the significant negative impact of unbalanced trade on the U.S. economy and the many possible steps that can be taken to move the country back to a productive trade regime.”— Ralph Gomory, New York University

In Part 1, we discuss the causes and problems of trade deficits:

  • Chapter 1 discusses trade deficits caused by foreign mercantilism.
  • Chapter 2 discusses trade deficits caused by private savings flows.
  • Chapter 3 discusses the damage done by trade deficits whatever the cause.

In Part 2, we discuss the reasons why little action has been taken in the United States to address the problem of trade imbalances:

  • Chapter 4 examines the failure of economists.
  • Chapter 5 examines the failure of the U.S. political system.
  • Chapter 6 examines the failure of the Federal Reserve.

In Part 3, we discuss the solution:

  • Chapter 7 develops the general principle of trade reciprocity upon which any solution must be based.
  • Chapter 8 analyzes the degree to which a variety of previously proposed solutions would efficiently and effectively generate a reciprocal balance of trade.
  • Chapter 9 develops the scaled tariff proposal which insures reciprocity.
  • Chapter 10 lays out the implications of our analysis for macroeconomic policy.

The book is currently out in hard cover and can be ordered from www.LexingtonBooks.com.  Orders placed by December 31, 2015 can use the following discount code on the Lexington Books website to receive a 30 percent off discount from the list price.  LEX30AUTH14. 

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Comment by Dave Pinsen, 5/19/2014:

Are any of you on Twitter? It would be great if your book gets a fraction of the attention Piketty's has, considering that you seem to offer a more practical solution to a key economic problem.

Also, considering adding Disqus as a commenting system here and also adding social media share buttons for your posts. Make it easier for your readers to spread the word. 

Response to this comment by Jesse, 8/28/2014:
Thanks for the comment Dave.  We should do all of the things we suggest.  Hopefully we will. 


Comment by Bruce Bishop, 5/21/2014:

Gentlemen,

I just finished reading your excellent book and it is everything I had hoped it would be.

I am working on a review for Amazon which I hope to have posted in the next day or so.

Thank you for your efforts and your dedication to helping solve the trade deficit problem that is destroying our country.

Response to this comment by Bruce Bishop, 5/21/2014:
I just posted my review on Amazon.  I hope it will encourage others to buy and read your book. Thanks again for your efforts. Bruce Bishop
Response to this comment by Bruce Bishop, 8/28/2015:
Your book is still $66.50 on Amazon.  I paid $70 for my copy, but that is an outrageous price for a small book.  If I weren't a "balanced trade zealot," I couldn't have justified the cost. I have an acquaintance who is a "balanced trade enthuisiast," but he told me he couldn't afford to buy a copy. When Howard Sirkin of Boston Consulting Group pubished his (bogus) book "The U.S. Manufacturing Renaissance," he made it FREE on Amazon Kindle.  (It was worth it, too.)  I would suggest that you make this book no more than $9.99 on Kindle.  People need to read it, but it is out of the range of most people.




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    Wikipedia:

  • [An] extensive argument for balanced trade, and a program to achieve balanced trade is presented in Trading Away Our Future, by Raymond Richman, Howard Richman and Jesse Richman. “A minimum standard for ensuring that trade does benefit all is that trade should be relatively in balance.” [Balanced Trade entry]

    Journal of Economic Literature:

  • [Trading Away Our Future] Examines the costs and benefits of U.S. trade and tax policies. Discusses why trade deficits matter; root of the trade deficit; the “ostrich” and “eagles” attitudes; how to balance trade; taxation of capital gains; the real estate tax; the corporate income tax; solving the low savings problem; how to protect one’s assets; and a program for a strong America....

    Atlantic Economic Journal:

  • In Trading Away Our Future   Richman ... advocates the immediate adoption of a set of public policy proposal designed to reduce the trade deficit and increase domestic savings.... the set of public policy proposals is a wake-up call... [February 17, 2009 review by T.H. Cate]