Grant
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We all know that free trade is good. Everyone says so, and whenever protectionist measures are suggested we are told how it will wipe billions off world GDP. But if free trade is so great, why is it that no country has built up a world-leading position by following it?
Since 1750 these countries have been acknowledged as the world's industrial tigers:
1780 - 1840 Britain (no free trade here, just Empire preference)
1840 - 1880 Germany (high tariffs)
1880 - 1960 USA (certainly no free trade at the start of this run)
1960 - 1990 Japan (don't make me laugh)
1990 - present China (exchange rate manipulation makes it impossible to compete, but thanks for the cheap goods)
Is free trade another beautiful idea for which there is absolutely no evidence?
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