The biggest myth of economic history is that rich countries developed by embracing free trade.
https://x.com/haugejostein/status/2072727000616153337
The biggest myth of economic history is that rich countries developed by embracing free trade.
The truth is that rich countries relied heavily on state intervention. Then, they told the rest of the world to embrace free trade, kicking away the ladder they had climbed up.
We are now witnessing, once again, rich countries turning to state intervention and protectionism.
In fact, they are actively dismantling the ideology of free trade they pushed onto the rest of the world. Why? The answer is simple: they now need protectionism again to compete with countries that “accidentally” caught up.
posted by Satish Sharma at
02:47
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