12-18-2024
The business school’s inaugural Economic and Business Insights for Tomorrow discussion brought together a small group of students and Jim Bullard, Dr. Samuel R. Allen Dean of the Daniels School, to explore pressing economic issues. The first session centered on a topic at the heart of global commerce and policy: tariffs and free trade.
While the conversation touched on the technicalities of economic theory, it also delved deeply into the ethical and practical implications of these policies, leaving students with valuable insights that challenged their preconceptions and broadened their understanding of global economics.
For many students, tariffs had been framed as a burden that hurts American consumers by raising prices. However, during the discussion, they were exposed to a lesser-known aspect of the history: the disparity in tariff policies between the United States and its trading partners.
“I found it extremely enlightening learning about the relationship other countries have with tariffs and how even our allies tariff us much more than we tariff them,” says senior marketing major Jonathan Putman. “This caused me to think much more about the benefit of raising tariffs to be equal to the party with which we are trading.”
This revelation underscored the complexity of international trade policies and the ways in which political systems shape business and eventually economic outcomes. Putman says he walked away with a greater appreciation for the macroeconomic forces at play and the intricate balancing act required to conduct business both domestically and globally.
The hour-long discussion between the dean and five top Daniels School students also highlighted how tariffs, often seen as a tool for protectionism, can play a role in leveling the playing field and encouraging reciprocity in trade agreements. By exploring these dynamics, students were encouraged to think critically about the intersection of politics, policy and business strategy.
Another key takeaway emerged on the ethical dimensions of free trade. While free trade is often celebrated as mutually beneficial — the exchange of goods and services without barriers or strings attached — the conversation led to students wanting to take a closer look at what “free” truly means.
“At its core, free trade is mutually beneficial. However, we must take this a step further and ask, are the people producing the goods free? Free to work in a safe environment. Free to go home to their families at a reasonable time. Free to be paid fairly,” says senior finance student Austin Watson.
This insight highlighted the ethical blind spots often overlooked in free trade agreements. Watson challenges that tariffs, rather than being purely restrictive, can serve as a tool for ensuring more holistic free trade — one that aligns with ethical standards and supports fair treatment of workers across borders.
This nuanced perspective sparked a deeper reflection about how economic policies can be designed not just to maximize profit, but also to promote equity and human dignity in a world that is far from perfect.
The first discussion achieved its goal of fostering thought-provoking dialogue and equipping students with the tools to think critically about global economic issues. The students left with:
As future business leaders, these Economic and Business Insights for Tomorrow discussions will serve the students well, preparing them to engage with senior executives and tackle complex challenges with confidence and intellectual rigor.
