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The Industrialization Playbook

Mar 11, 2025
Steve Keen, a Post-Keynesian economist and author known for critiquing mainstream economic theories, discusses industrial policy's historical significance. He emphasizes how successful industrial nations, from Britain to China, relied on protectionist policies. Keen critiques the effectiveness of Trump's tariffs in rebuilding American industry, warning that simplistic solutions may lead to chaos. He also highlights the impact of globalization on trade dynamics, the complexities of public versus private debt, and the consequences of wasteful expenditures on sustainability.
01:04:49

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Podcast summary created with Snipd AI

Quick takeaways

  • Historical evidence shows that successful industrialization often relied on protectionist policies like tariffs before embracing free trade.
  • Tariff measures alone lack the comprehensive industrial strategies, such as workforce development, necessary for sustainable economic growth.

Deep dives

Impact of Tariffs on Global Supply Chains

Imposing tariffs on imports can have a significantly magnified effect on overall prices, particularly within a global supply chain. For example, a 10% tariff on Chinese imports could effectively become a 50% increase by the time goods pass through various international suppliers. This situation results in higher costs for importers, causing them to reassess their ability to sell products profitably. The consequences of such increased expenditures may include business closures or a challenging shift towards domestic production, which is a complex and time-consuming process.

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