Garys Economics cover image

Garys Economics

Special: Can tariffs make us rich? With Ha-Joon Chang

Apr 3, 2025
Discover how tariffs have historically propelled nations like South Korea and the US to economic success by protecting burgeoning industries. Learn about the concept of infant industry protection and how strategic tariffs can elevate living standards. The discussion also critiques the current approach in America, questioning whether broad tariffs can truly revive industries or if deeper financial system issues must be addressed to combat inequality and inflation.
10:05
Creator website

Podcast summary created with Snipd AI

Quick takeaways

  • Successful historical examples of tariffs demonstrate their potential to nurture emerging industries, yet current U.S. policies lack coherence and strategy.
  • The podcast emphasizes the importance of a targeted approach to tariffs and the need for a comprehensive plan to rebuild America's industrial base.

Deep dives

The Role of Tariffs in Economic Growth

The podcast discusses the mixed effectiveness of tariffs as a policy tool for economic development, emphasizing the importance of context in their application. Successful historical examples, such as South Korea and the United States, highlight the concept of infant industry protection, where governments nurture emerging industries through tariffs and subsidies until they can compete internationally. However, the podcast critiques the current implementation of tariffs under Trump's administration, suggesting that they lack a coherent strategy for developing a robust industrial ecosystem. Instead of fostering growth, these broad tariffs are seen as likely to exacerbate income inequality and inflation without significantly improving living standards.

Remember Everything You Learn from Podcasts

Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.
App store bannerPlay store banner
🤯 How amazing is this app?!
Sophie
App Store
Snipd helps me keep track of everything I resonated with from a show. I can always find my snips, listen to them again, share them. And there are so many great product updates regularly! Like the feature to chat with the episode: I can retrieve even more knowledge from an episode 🥹 I’m in love with this app 🤍
Best podcast app
JD Stuart
App Store
I’ve been using Snipd for about a year and this app has been life changing. I listen to about 17 hours of podcasts a week and I want to take notes on 95% of them. Snipd makes it so easy to do. I can triple click my headphones and record a snip. The app also improves rapidly which is welcomed. It’s an easy subscription for me to pay.