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"Surprised this was being downvoted because it is true. If countries engage in protectionism unilaterally, they are predominantly harming their own consumers an
by jayalpha 8y ago
"Surprised this was being downvoted because it is true. If countries engage in protectionism unilaterally, they are predominantly harming their own consumers and undermining competition of their own businesses."
This worked quite well for countries building up their own industries (Brazil, Korea, Japan, possible China).
"As Friedman used to point out, if Japan wants to subsidize its steel at the cost of their own taxpayers, just take the cheap steel and be thankful for it."
It becomes a problem if a country like China with state capitalism uses this to systematically destroy other industries.