Created in 1934 to subsidize exports to the debt-repudiating Soviet Union, the U.S. Export-Import Bank is a clear-cut example of wasteful corporate welfare hiding behind economic fallacies. Yet a leading economist, former Treasury Secretary Lawrence Summers, somehow managed to tout its merits without blushing.
|Other Independent Review articles by Robert Higgs|
|Summer 2017||Moderation in Response to Provocation Is No Vice|
|Winter 2017||First, Do No Harm|
|Fall 2016||Can the State Enforce Virtuous Behavior?|
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