Indeed, as conventional trade barriers, such as tariffs and import quotas, have come down over the past half-century, others, such as discriminatory regulations, have sprung up to take their place.
What will lead us there are directed government investments in energy innovation, in which a smart user fee on energy consumption or carbon emissions can play an important, but fundamentally different (and less central role) as envisioned by conventional cap and trade, carbon tax, and gas tax proponents.
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"The international community can claim full ownership of this treaty, which will make trade in conventional arms more responsible and transparent, thus reducing human suffering and tangibly contributing to international peace, security and stability, " Catherine Ashton, the European Union's foreign policy chief, said in a written statement.
At the beginning of the Obama administration, I had the audacity to hope that the new president would defy conventional wisdom and become a proponent of trade and a good spokesman for its benefits.
Mr Romney mocks the suggestion that he is gunning for a trade war (let alone a conventional one).
But as I recall, with the Korea free trade agreement, that was deemed by conventional wisdom as an example of us not getting something done.
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California has also passed cap-and-trade legislation that adds substantially to the costs of conventional energy production and refining.
As part of its stimulus package, China provided incentives for those in its rural economy to trade in their less fuel-efficient vehicles for more conventional means of transportation.
The defenders of the cap-and-trade proposal, however, have advanced the proposition that strictly speaking, cap-and-trade is not just a tax, as its mechanism contains features not included in a conventional taxation system.
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For years the conventional wisdom around bank stocks is that once the mortgage mess was worked off and capital concerns abated the stocks would trade based on their earnings potential of their banking franchises.
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