A World of Wealth: How Capitalism Turns Profits into Progress

Chapter 4. Capitalist Immigration Policy: Tear Down the Walls

Immigration is trade by other means. Instead of staying home and working with limited native capital—or waiting for wealthy foreigners to bring capital to their native lands—immigrants come to new countries to exploit the productive force of abundant capital. The voluntary arrangement between the new employer and the new worker is mutually beneficial, just as voluntary trade between businesses and individuals is mutually beneficial. But even more than in the case of trade, immigration is socially disruptive. The costs of immigration extend beyond the parties who benefit, but so do the benefits.

We need to review some American history here. In some ways, we are repeating it today. From ...