For years, developed countries have been telling poor countries what they should do to develop their economies. The “Washington Consensus” tells them that developing countries are poor because they have too much to do. Industrial Policy For example, high tariffs, subsidies, etc. We need to liberalize and move in the direction of the free market. Be more like Singapore, not more like Argentina.
Recent Posts Scott Lincicome He points out that it is currently developed countries that are adopting these anti-growth policies.
You could say our thinking about industrial policy has changed, but we still call on developing countries like China to reduce trade barriers and subsidies to manufacturers.
P.S.: This comment economist Things that caught my eye:
economistUsing data from the research group Manifesto Project, we looked at the ratio of positive to negative discussions of free enterprise in party manifestos in 35 Western countries from 1975 to 2021, the most recent year available (see Figure 1). We used a five-year moving average and excluded parties with less than 5% of the vote. In the 1990s, policies that pleased businessmen, such as deregulation, privatization and free trade, were praised almost twice as often as they were criticized. Today, politicians are more likely to reject these ideas than to praise them.
