Thing 7
Free-market policies rarely make poor countries rich
Free-market policies rarely make poor countries rich
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[...] Britain adopted free trade only in the 1860s, when its industrial dominance was absolute. In the same way in which the US was the most protectionist country in the world during most of its phase of ascendancy (from the 1830s to the 1940s), Britain was one of the world's most protectionist countries during much of its own economic rise (from the 1720s to the 1850s).
Virtually all of today's rich countries used protectionism and subsidies to promote their infant industries. [...]
[...]
[...] For the same reason why we send our children to school rather than making them compete with adults in the labour market, deveoping countries need to protect and nurture their producers before they acquire the capabilities to compete in the world market unassisted. [...]
[...] Britain adopted free trade only in the 1860s, when its industrial dominance was absolute. In the same way in which the US was the most protectionist country in the world during most of its phase of ascendancy (from the 1830s to the 1940s), Britain was one of the world's most protectionist countries during much of its own economic rise (from the 1720s to the 1850s).
Virtually all of today's rich countries used protectionism and subsidies to promote their infant industries. [...]
[...]
[...] For the same reason why we send our children to school rather than making them compete with adults in the labour market, deveoping countries need to protect and nurture their producers before they acquire the capabilities to compete in the world market unassisted. [...]