In thinking through the economic theory of liberal trade, it is helpful to draw a parallel with technological progress.

ECONOMIST: Profits over people

Although Guatemala has legalised the dollar as a domestic currency in parallel with its own quetzal, many of El Salvador's other neighbours and economic competitors have floating exchange rates.

ECONOMIST: Dollarisation in Latin America

My 2002 American Economic Review article with Bobby McCormick and Bob Tollison forwards this story along with its parallel a few years later in ACC basketball.

FORBES: Good Managers May Not Move First, Never Last