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Of course the state meddling can be done wrong. But unrestricted free trade advocates claim that is cannot be done right - that simply opening up markets is alw
by car_analogy 4y ago
Of course the state meddling can be done wrong. But unrestricted free trade advocates claim that is cannot be done right - that simply opening up markets is always preferable. That there are zero examples of poor countries that became successful economies following this path, and numerous examples of various forms of protectionism resulting in prosperity, should be a clue to which strategy is better.
- zozbot234 4y ago> But unrestricted free trade advocates claim that is cannot be done right I'm not sure that this is correct, the theoretical argument for supporting infant industries is quite old and well known by now. The main remaining question is an empirical one, of whether you think that industrial policy as it's actually practiced in the real world is generally worthwhile. Those who advocate against government meddling argue that it mostly isn't.