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The test for whether protectionism makes sense isn't whether you can point to some specific industries that benefited from it. Of course pretty much any countr
by avar 8y ago
The test for whether protectionism makes sense isn't whether you can point to some specific industries that benefited from it.
Of course pretty much any country is capable of building a strong industry in some specific area, whether that's textiles, food etc.
The question is at what cost, and whether it makes sense overall. That buildup of the UK's textile industry didn't come free, it was effectively a tax on everyone in the UK who wasn't working in textiles, because they'd otherwise have been able to buy them for less, and thus have more money left over for other things, including investing in or building other industries.
Which isn't to say that there's no use for protectionism. But specific examples like this don't help. It could just as well be that the UK was going to experience an economic boom anyway, and that protectionism slowed down their long-term growth.