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4min chapter
Read with Bruegel: The Crisis of Democratic Capitalism
The Sound of Economics
The Importance of Industrial Policy
Martin Wolf: The problem in advanced countries like the US relates to the loss of industrial jobs. Is it not reasonable to conclude that protecting these jobs through tariffs and domestic content requirements is actually part of the solution? He says one mind says, this is an overwhelming political challenge. But if first best policy is not available, which would be a combination of temporary transfers and successful pro-developing policies, he argues, "this is a rational second best"
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