Protectionism, I once said to Irving Kristol, is a bad idea. It benefits producers, but it harms consumers. “Where," he asked, "is it written that the welfare of consumers takes precedence over that of producers?" Reflection required, not a new experience after an encounter with Irving. And in this case reflection produces the notion that protectionism might not be the worst of policies under current circumstances, and certainly not as harmful as Donald Trump's caudillo capitalism.
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