Decouple The Industrialization Playbook
27 snips
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.
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Protectionism and Industrialization
- Many successful industrial nations used protectionist policies initially.
- Free trade became advantageous after industrialization, not before.
British vs. Indian Textiles
- The British textile industry outcompeted India's after the Industrial Revolution.
- India's textile industry was previously dominant due to higher quality.
Ricardo's Flaw
- Ricardo's free trade theory overlooks the challenge of converting specialized capital.
- It assumes labor shifts easily, but machinery cannot be repurposed readily.
