The deceit of protectionism
Jagdish Bhagwati has an excellent piece in the FT today. He argues that America needs a new deal for trade which supports a globalised market without resorting to protectionism. He argues that the Democrats, the worst offenders, and Republicans need to face up to reality and offer plans for restructuring America’s work force (including realigning the education system) rather than just resorting to populist rhetoric. In particular he berates the US for posturing that protectionism is “altruistic”: “What is doubly offensive about this exercise of political muscle is that it is advanced in the language of altruism: not by saying frankly that it is because “our unions are worried about
