They not only reward hard work but also catalyze innovation while providing technology and comforts not attainable previously by the common folk.
The Platform: Free Markets Reward Hard Work – We love free markets.
Who has the right platform for the right kind of free market?
Mississippi has part of that platform.
Mississippi has a low cost of doing business and also one of the most tax-friendly states., making it a perfect home for businesses and investments.
With increased employment and foreign direct investment high in the state, Mississippi is a prime example of how free trade is the wide-open road to a more prosperous America.
The critical part of a free market includes the unencumbered sale and purchase of goods and services, free from most taxes such as tariffs, non-tariff barriers, and other regulations.
This kind of platform allows business owners to remain competitive, by not having to cut through the bureaucratic red tape in order to reach their destination marketplaces.
The more open trade market with Mexico and Canada will benefit Mississippi farmers and business owners, by making it more cost-effective to trade.
Consumers benefit from free markets with lower prices for goods and services.
There are still some trade barriers that remain in the U.S. economy, which costs states like Mississippi quite a bit of money.
For example, in 2016 the average tariff rate on shoes and clothing was 13.1 percent. This is 13 times higher than the average import.
Interestingly enough, shoes and clothing account for 5 percent of imports but generate 40 percent of U.S. tariff revenue.
In dollars, this translates to U.S. textile and apparel tariffs costing Mississippi $400 million per year.
Numbers like these can make the average American angry, and defeat the purpose and intent of free markets in general.
Why pay inflated prices for textiles and apparel?
It certainly isn’t because of high production costs.
Perhaps it is because it insulates inefficient domestic producers from the competition?
Many have thoughts around this for a long time.
Robert J. Walker, a Mississippi senator wrote 1845 on the constitutionality of protective tariffs.
“No more money should be collected than is necessary for the wants of the government economically administered, the duty should be so imposed as to operate as equally as possible throughout the Union, discriminating neither for or against any class or section.”
Now we know changes are being made to the platform and a free market will allow the economic pie to grow and trade to occur.
This will benefit all countries, states, and Mississippi is right in there, ready.
Free markets bring broad spread benefits.
Sonia Rina Landry is a passionate entrepreneur, speaker, author, and personal development coach. She is an outspoken advocate of the free market economy and has helped countless clients identify their core values, envision and realize goals that resonate with those values. She oversees several businesses online and offline.