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Asymmetric Protectionism

Summary:
Imperialism and free-trade is the most important reason for why some countries are rich and others poor. Because of the principle of circular and cumulative causation, they rarely catch up. Poor countries aren’t “underdeveloped”—it’s a misleading word—they’re exploited. Hence there’s a need for global rules to allow for convergence of fortunes of nations. The current rules of globalisation lead to polarisation and welfare of a few, not the many.I recently recommended Ha-Joon Chang’s lecture series. It’s a long one—13 lectures followed by discussions.In the discussion part of the talk Why Are Some Countries Rich And Others Poor, Ha-Joon Chang calls for asymmetric protectionism. The global rules are in favour of poor countries and not the rich ones.Nicholas Kaldor was proposing “planned

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Imperialism and free-trade is the most important reason for why some countries are rich and others poor. Because of the principle of circular and cumulative causation, they rarely catch up. Poor countries aren’t “underdeveloped”—it’s a misleading word—they’re exploited. Hence there’s a need for global rules to allow for convergence of fortunes of nations. The current rules of globalisation lead to polarisation and welfare of a few, not the many.

I recently recommended Ha-Joon Chang’s lecture series. It’s a long one—13 lectures followed by discussions.

In the discussion part of the talk Why Are Some Countries Rich And Others Poor, Ha-Joon Chang calls for asymmetric protectionism. The global rules are in favour of poor countries and not the rich ones.

Asymmetric ProtectionismNicholas Kaldor was proposing “planned trade” in the 70s and the 80s and also a plan to have balanced trade. So a part of planned trade would be to allow poor countries to use tariffs and quotas without the fear of retaliation by rich countries.

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