Yeah, even today I still have to think twice when I hear that term. I also liked the explanation about dumping!

Right, but stopping the analysis there also leads to a simplistic understanding, which is where I think a lot of the mainstream business world has landed. Mankiw's section on trade in his principles textbook is a particularly enlightening glimpse into the mindset of the average businessperson, because it's the most popular econ textbook in the country and there's an odds-on chance that 1 in 2 people in business learned their econ from it.