Protectionism vs. Prosperity: Senator Phil Gramm Defends Free Markets

In this episode of Reaganism, host Roger Zakheim sits down with former U.S. Senator Phil Gramm who served the State of Texas in the United States Senate and is the author of the newly released book, “The Triumph of Economic Freedom: Debunking the Seven Great Myths of American Capitalism.” They discuss Sen. Gramm’s new book arguing that many policy debates stem from misreadings of history and flawed statistics. He challenges the notion that free trade hollowed out American manufacturing, pointing instead to record-high output driven by productivity and innovation, much like agriculture’s transformation. Sen. Gramm defends Ronald Reagan as a principled free-trader who saw commerce as an extension of individual freedom, contrasting Reagan’s approach with today’s rising protectionism and “state capitalism.” He critiques how government statistics misclassify income, poverty, and manufacturing, distorting public perception, and insists that prosperity comes from smaller government and greater freedom.