William Bernstein,

A Splendid Exchange: How Trade Shaped the World


When “Globalization” Really Began

“Globalization,” it turns out,  was not one event or even a  sequence of events; it is a  process that has been slowly  evolving for a very, very long  time. The world did not abruptly  become “flat” with the invention  of the Internet, and commerce  did not suddenly, at the end of  the twentieth century, become  dominated by large  corporations with worldwide  reach. . .Today’s massive  container ships, jet planes, the  Internet, and an increasingly  globalized supply and  manufacturing network are just  further evolutionary steps in a  process that has been going on  for the past five thousand  years.

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The Reagan Tax Cuts Worked

Thanks to "bracket creep," the inflation of the 1970s pushed millions of taxpayers into higher tax brackets even though their inflation-adjusted incomes were not rising. To help offset this tax increase and also to improve incentives to work, save, and invest, President Reagan proposed sweeping tax rate reductions during the 1980s. What happened? Total tax revenues climbed by 99.4 percent during the 1980s, and the results are even more impressive when looking at what happened to personal income tax revenues. Once the economy received an unambiguous tax cut in January 1983, income tax revenues climbed dramatically, increasing by more than 54 percent by 1989 (28 percent after adjusting for inflation).

 

-- Daniel J. Mitchell,

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