4 ms·
Or look at what China, the US, or basically any other industrialized nation did at the same stage of development. The government levied tariffs and gave out su
by wffurr 7y ago
Or look at what China, the US, or basically any other industrialized nation did at the same stage of development. The government levied tariffs and gave out subsidies to support local industry even when it was less economic to do so.
- seanmcdirmid 7y agoChile has almost twice China’s gdp/capita already (15k vs 8k). Granted, Chile has been stuck in the middle income trap for a very very long time, but China could always get stuck there as well.
- taffer 7y agoThe argument is that those countries (e.g. Taiwan) with lower tariffs were more successful, compared to their peers at the same time.