MB Civic

Folks are holding up South Korea as an example that “free trade” works, when in reality that country only grew through a massive gov’t program of subsidies, regulation and barriers on imports for protected state industries. In fact, as Hartmann points out, we did the same thing ..

“Alexander Hamilton submitted his Report on the Subject of Manufactures to the US Congress. In it he outlined the need for our government to subsidize new industries and subsequently protect them from the international markets until they become globally competitive. Additionally, he proposed a roadmap for American industrial development. These steps included protective tariffs on imports, import bans, subsides, export bans on selected materials, and the development of product standards”

.. guess Hamilton would be vilified by today’s pundit class as “out of touch” – mab .. read more