Free Enterprise in Three Minutes Podcast

The Free Enterprise in Three Minutes Podcast and the Free Enterprise in Three Minutes Read provides three-minute answers to questions about free enterprise, the economy, business and related issues. Ray Keating is an economist, columnist, author and podcaster who cuts through the mumbo-jumbo, tosses aside economic mistakes often made in the media and political circles, and gets at economic reality. Tune in to the podcast at http://www.buzzsprout.com/155969.

Monday, November 4, 2019

Free Enterprise in Three Minutes Read - Predicting the Future with Disturbing Accuracy

by Ray Keating
November 4, 2019

For about a dozen years, I wrote a weekly newspaper column for Newsdayon Long Island. While doing some cleaning over the weekend, I stumbled upon a column written 20 years ago. (The column was co-authored by my late friend Matthew Carolan).

Tomorrow is Election Day 2019. The column appeared on November 2, 1999, and here’s how it opened:

“Our love for Election Day was sparked in 1984. Between periods of an Islanders game in a Nassau Coliseum bar, we raised our glasses to President Ronald Reagan as he won state after state against Walter Mondale.
            “We often wonder if we may spend the rest of our lives reminiscing about the 1980s – speaking fondly of Reagan while listening to Huey Lewis and the News – much to the embarrassment of our children.”

Yikes. That’s way too accurate for comfort. I do, in fact, reminisce about Reagan and listen to Huey.

Reminiscing generally is not in my DNA, not part of my makeup. I tend to be a look-forward kind of person. But it’s hard to do that in today’s world of politics, which has descended to such bizarre depths – with Democrats moving hard Left on everything, including wrapping their arms around socialism, and Republicans embracing an isolationist, confused and ultimately grim populism.

A conservative optimism, like Reagan’s, still burns inside, but some of it has been channeled into other endeavors and adventures beyond mere politics – at least for now. After all, it’s also not in my DNA to surrender in the ongoing battle of ideas.

Ray Keating is an economist, author, podcaster, and entrepreneur. His recent books include Free Trade Rocks! 10 Points on International Trade Everyone Should Know, and Deep Rough, the latest novel in his Pastor Stephen Grant series.

Friday, November 1, 2019

Read a Chapter from FREE TRADE ROCKS! for Free – “The Morality of Free Trade”



Tapping into his experiences as an economist, policy analyst, newspaper and online columnist, entrepreneur, and college professor, who taught MBA courses on international business and entrepreneurship, Ray Keating explores and explains in straightforward fashion 10 key points or areas that everyone - from entrepreneurs and executives to students and employees to politicians and taxpayers - needs to understand about how trade works and how free trade generates benefits for people throughout the nation, around the world, and across income levels.




Point 9: 

The Morality of 

Free Trade



Throughout much of the history of mankind, life for most people was a daily struggle for survival. That changed markedly as the institutional foundations of the market economy were established and spread – with that process continuing today. Those institutions include establishing and protecting private property rights; competition; the rule of law; setting up tax and regulatory policies that incentivize entrepreneurship, investment and innovation; consumer sovereignty; and the freedom to trade. That freedom to trade, once again, pertains to transactions in the same town or village, throughout nations, and across international borders.

So, let’s review key points making clear the moral superiority of free trade over protectionism.
First, there is an unmistakable moral component to establishing and expanding an economic system – that is, the market economy – essential to lifting people out of poverty; to the wealth creation that enables, for example, improved food production, housing, health care and overall quality of life; to greater leisure time; to a cleaner environment; and to incentivizing the private investment, innovation and exchange that allow for greater specialization, productivity and income growth. Free trade is central to the entire market process, and the free market is essential to economic and income growth, including poverty relief.
Second, the freedom to trade and exchange as one sees fit is a basic economic freedom that makes clear the value of each individual, with that same freedom serving to spur economic growth forward. Decades ago, my eighth grade teacher noted that the United States was the most prosperous country on the planet, yet she had no idea why that was the case. She failed to understand that it fundamentally was about economic freedom, that is, individuals being free to spend, save and invest their earnings as they see fit; free to start up, build and invest in businesses; free to gain education and skills needed to achieve their goals; and free to improve their lives by trading with whomever they choose.
Third, free trade points to individuals being able to improve their lives thanks to greater choices and lower prices in terms of consumption; thanks to enhanced productivity; thanks to a diffusion of technological advancements; and thanks to expanded opportunities by serving customers not only in their own town, state or country, but around the world. In contrast, protectionism is about the politically powerful influencing government in order to gain special treatment, such as U.S. steelmakers looking to be protected via tariffs or quotas. Such cronyism means that voluntary trade is being replaced by political dictates. It means that political power is reducing individual opportunity. When a country moves away from free trade, the people with lobbyists and political connections make out better than – and at the cost of – the average person.
Again, the Peterson Institute for International Economics found that benefits from expanded trade to the United States from 1950 to 2016 amounted to $2.1 trillion (measured in 2016 dollars), with per capita GDP and GDP per household growing by $7,014 and $18,131, respectively, with gains accruing disproportionately “to poorer households.”
In terms of a global perspective, the World Bank and the World Trade Organization jointly published a report titled “The Role of Trade in Ending Poverty.” A key message in that study was:

People measure the value of trade by the extent to which it delivers better livelihoods, through higher incomes, greater choice, and a more sustainable future, among other benefits. For the extreme poor living on less than $1.25 a day, the central value of trade is its potential to help transform their lives and those of their families. In this way, there is no doubt that the integration of global markets through trade openness has made a critical contribution to poverty reduction. The number of people living in extreme poverty around the world has fallen by around one billion since 1990. Without the growing participation of developing countries in international trade, and sustained efforts to lower barriers to the integration of markets, it is hard to see how this reduction could have been achieved...
Trade also affects long-term growth since it gives access to more advanced technological inputs available in the global market and because it enhances the incentives to innovate. Trade contributes directly to poverty reduction by opening up new employment opportunities, for example for agricultural producers, with the expansion of export sectors, and by bringing about structural changes in the economy that increase employment of low-skilled, poor workers in the informal sector. Trade also provides better access to external markets for the goods that the poor produce. 

Finally, trade is not war – despite the rhetoric sometimes used by politicians who oppose free trade. Nor is free trade particularly about winners vs. losers – again, a politically favorite accusation hurled at times. In contrast, voluntary exchanges in a free market rank as the exact opposite of war, in any sense of the word. Each party gains in a market trade; if not, the exchange wouldn’t occur.
For good measure, free trade works against actual war. After all, if individuals and businesses freely partake in commerce with individuals and businesses in another country, those two nations are less likely to go to war. Indeed, this was one of the reasons why there was such a push to reduce trade barriers after World War II – especially given that many saw restrictions on trade (that is, protectionism) during the 1920s and 1930s as a contributor to the outbreak of World War II.
Free trade does not mean that no one will lose a job or no business will fail. Quite the contrary, market competition means that consumers ultimately decide which products succeed and fail, and in turn, which businesses will succeed and fail. That, in turn, means that resources are allocated to their best or most efficient uses given the needs and demands of consumers. Competition remains essential to long-run economic growth. This stands in opposition to protectionism whereby politicians climb into bed with special interests to dole out dollars, and try to anoint winners and losers. 
Free trade is about economic growth, lifting people out of poverty, creating wealth, boosting incomes, enhancing freedom, and mutually beneficial commerce. Free trade is a moral good, and yes, it rocks!


Thursday, October 24, 2019

Join Ray Keating's Email List and Get Cool Stuff, Including a FREE Book

Join Ray Keating's Email List, and get info about Free Enterprise Economics, savings on current and forthcoming books related to your career, the economy and entrepreneurship, Ray's Pastor Stephen Grant novels, and his other books and services, including a newsletter, special savings, and THE TRAITOR: A PASTOR STEPHEN GRANT SHORT STORY by Ray Keating for FREE coming later this year! Sign up at https://raykeatingonline.com/contact


Wednesday, October 23, 2019

“The Disney Planner 2020: The TO DO List Solution” Helps Disney Fans to Get Organized, Make Things Happen and Be Inspired

This Tool Offers Daily Disney Fun and Facts While Making Sense for Career, Business, Education, and Family

Long Island, NY – If you love all things Disney, then why not get a touch of Disney each day of the year with The Disney Planner 2020: The TO DO List Solution



Gain inspiration, get organized and set goals using Ray Keating’s “TO DO List Solution,” while enjoying quotes from Walt Disney, other Disney leaders, experts, fans, and hundreds of characters, along with facts about theme parks, movies and much more.

The Disney Planner 2020: The TO DO List Solution combines a simple, powerful system for getting things done with encouragement and fun for Disney fans, including those who love Mickey, Marvel, Star Wars, Indiana Jones, Pixar, and more.

The Disney Planner 2020: The TO DO List Solution is available at Amazon.com. And signed books are on sale at RayKeatingOnline.com.

Ray Keating, who is the publisher, editor and columnist for DisneyBizJournal.com, and a novelist, entrepreneur, podcaster, marketer and more, explains: “The Disney Planner 2020: The TO DO List Solution is ideal for the Disney fan. And today, that covers a big chunk of our popular culture.”

He adds, “Spending each day during the year using The Disney Planner 2020: The TO DO List Solution makes sense if you’re a Disney fan, if you want to enjoy valuable and fun quotes and facts from the Disney universe, and if you’re looking for a daily takeaway that will make at least a small difference in your outlook, your work, and your life.” 

Keating explains, “I’ve become far better organized – though far from perfect – with ‘The TO DO List Solution’ becoming my main planning, organizing and execution tool. It provides confidence that everything that needs to happen will be remembered; most (though not necessarily all!) will be accomplished; changes can be factored in; and life will be more organized.”

He continues, “In addition, the act of using ‘The TO DO List Solution’ requires reflection on goals; forces prioritization; allows for being more realistic about time management; and generates serious thought on how to best get things done (such as breaking down projects into manageable steps). And as one checks off each completed item, your sense of success and accomplishment is enhanced, with hope and confidence growing.”

Keating concludes, “The fact that you set goals, think about how to achieve those goals, and choose to seek out and use tools like The Disney Planner 2020: The TO DO List Solution says something very positive about your outlook on work and life. If I might say, I think Walt Disney would approve.”

The Disney Planner 2020: The TO DO List Solution is one of four TO DO List Solution 2020 planners from Ray Keating. The others on the way are The Movie Buff Planner 2020: The TO DO List Solution, The Lutheran Planner 2020: The TO DO List Solution, and The Pastor Stephen Grant Novels Planner 2020: The TO DO List Solution.

Review copies, and author interviews and appearances are available upon request. 

Contact: Ray Keating
Phone: 631-909-1122
Twitter: @FreeEnterprise7
RayKeatingOnline.com

Thursday, September 19, 2019

FREE TRADE ROCKS! Explains What Everyone Should Know about International Trade

Ray Keating Explores How Free Trade Benefits People Throughout the Nation, Around the World and Across Income Levels 

Long Island, NY –While free trade has come under attack, Ray Keating lays out in clear, simple fashion the benefits of free trade and the ills of protectionism in FREE TRADE ROCKS! 10 POINTS ON INTERNATIONAL TRADE EVERYONE SHOULD KNOW.




Tapping into his experiences as an economist, policy analyst, newspaper and online columnist, entrepreneur, and college professor, who taught MBA courses on international business and entrepreneurship, Keating explores and explains in straightforward fashion 10 key points or areas that everyone - from entrepreneurs and executives to students and employees to politicians and taxpayers - needs to understand about how trade works and how free trade generates benefits for people across towns, the nation and international borders.

The 10 points or areas covered in FREE TRADE ROCKS! are...

Point 1: Do People "Get It" on Free Trade?

Point 2: Economics 101 on Trade

Point 3: Debunking Trade Myths

Point 4: Trade and the U.S. Economy

Point 5: Trading Partners

Point 6: Trade and Small Business

Point 7: Ills of Protectionism

Point 8: Brief History of Free Trade Deals

Point 9: The Morality of Free Trade

Point 10: The Future of Trade

Keating makes clear that nations don't trade. Instead, businesses and individuals trade, and free trade is simply about expanding the freedom to trade by reducing or eliminating governmental costs and restrictions.

Regarding FREE TRADE ROCKS!, Dan Mitchell, Chairman of the Center for Freedom and Prosperity, declares, “A common-sense explanation of why politicians and bureaucrats shouldn't throw sand in the gears of global trade.”

And Self-Publishing Review gives FREE TRADE ROCKS! four stars, and says: “International trade policy has come to the forefront of global politics, making FREE TRADE ROCKS! 10 POINTS ON INTERNATIONAL TRADE EVERYONE SHOULD KNOW by Ray Keating a timely and fascinating read for a suddenly curious demographic. Keating manages to bring this seemingly dull subject to accessible life with real-world examples often torn straight from recent headlines, along with a comprehensive and (mostly) impartial view on the topic. As the exclamatory title suggests, Keating is a fan of free trade, but his deep expertise spanning a wide range of subjects and career paths makes this book an engaging, informative, and essential read for those who want to weigh in on this hot-button issue."

Also, George Leef, the Director of Research at the James G. Martin Center for Academic Renewal, observes, “Ever since Donald Trump started talking about foreign trade, I have thought that what the country needs is a clear, easily understood book that explains why the government should not mess with free trade. Lo and behold, Ray Keating has written exactly that book. FREE TRADE ROCKS!clears away the myths and misconceptions that trade interventionists count on.”

Beyond a general readership interested in our economy, FREE TRADE ROCKS! is ideal for the classroom, boardroom and workplace.

Paperbacks and Kindle edition available at Amazon.com.

Review copies, and author interviews and appearances are available upon request. 

Contact: Ray Keating
Phone: 631-909-1122
Twitter: @FreeEnterprise7
FreeEnterpriseEconomics.com
RayKeatingOnline.com

Saturday, August 24, 2019

Free Enterprise in Three Minutes Podcast with Ray Keating – Episode #45: What’s the Deal with the Fed?

Ray Keating asks what a lot of other people apparently are asking these days: What’s the deal with the Fed? But rather than playing politics, Keating simply explains what the Fed’s job actually is.

Listen at http://www.buzzsprout.com/155969/1595419-episode-45-what-s-the-deal-with-the-fed



All of Keating’s books are available at Amazon.com and at www.raykeatingonline.com, including his new thriller DEEP ROUGH. Also, you can pre-order the forthcoming book by Keating titled FREE TRADE ROCKS! 10 POINTS ON INTERNATIONAL TRADE EVERYONE SHOULD KNOW.

Kindle edition pre-ordered at https://www.amazon.com/dp/B07WRT3VBW


Sign up for Ray Keating’s email list at www.raykeatingonline.com/contactto get a 50% off coupon code for a signed copy of FREE TRADE ROCKS!

And check out other various websites and endeavors, such as www.freeenterpriseeconomics.comwww.DisneyBizJournal.comand www.pastorstephengrant.com.

Saturday, July 27, 2019

Sign up for Ray Keating's Email List and Get Cool, Valuable Stuff, Including 50% Off Keating’s Soon-To-Be-Published Book FREE TRADE ROCKS!

In addition to 50% off FREE TRADE ROCKS!, receive free newsletters and updates, and 40% off coupons for all of Keating's other forthcoming books covering entrepreneurship, business, your career, writing, Disney, TO DO list solutions, and more! Sign up at https://raykeatingonline.com/contact.


Books scheduled for publication later in 2019 include:

• Free Trade Rocks!
• 10 Entrepreneurship Lessons for Writers
• 10 Entrepreneurship Lessons from Walt Disney
• The Realistic Optimist Planner 2020: The TO DO List Solution
• The Disney Planner 2020: The TO DO List Solution
• The Movie Buff Planner 2020: The TO DO List Solution
• The Lutheran Planner 2020: The TO DO List Solution
• The Pastor Stephen Grant Novels Planner 2020: The TO DO List Solution
and more!