|
|
|
|
|
|
by DiogenesKynikos
2223 days ago
|
|
|
The South Korean development economist Ha-Joon Chang has an analogy about this idea of "fairness" in international trade: Saying that free trade between a developed and undeveloped country is "fair" is like saying that a boxing match between a heavyweight and a featherweight is "fair." We recognize that "fairness" in boxing and other sports requires things like weight classes. The same goes for trade between countries at very different levels of economic development. Developed, undeveloped and developing countries should not have identical policies. Most countries that are developed today got to where they are using protectionist policies. Ha-Joon Chang explains his views in this talk: https://youtu.be/T5-ojv5-b3U |
|
|