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Precisely. The theory of comparative advantage literally says "you can't finance e.g. industrialization by the market means, it's strictly and highly unprofitab
by Joker_vD 2y ago
Precisely. The theory of comparative advantage literally says "you can't finance e.g. industrialization by the market means, it's strictly and highly unprofitable, no entrepreneur in their right mind would (or even could) do this", yet somehow people routinely tout it as a decisive argument for laissez-faire.
And Japan's history of the state support for its automotive industry is quite something.