Yet it is devastating for developing economies. Argentina today opens to chinese cheapened prod, KILLING all added value, less purch. power
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One could argue is better to incubate local industries and domestic consumption and not import products of slave labour abroad.
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Ricardo, in theory, yes. But funny how well intelligent mercantilism has worked in Japan, South Korea, & China ....
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Also, the US. People don't seem to know how protectionist US has been in international trade historically.
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This is a perverse and bogus idea. A little disappointed at you for spreading it.pic.twitter.com/fxAT0Jo35J
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Joan Robinson - Free Trade is a subtler form of mercantilism.https://www.concertedaction.com/2013/01/10/free-trade-doctrine-in-practice-is-a-more-subtle-form-of-mercantilism/ …
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And here's a good article about how Ricardo's theory has a foundation of sand, and should not be used for policy.http://www.huffingtonpost.com/ian-fletcher/the-theory-thats-killing-_b_846452.html …
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