Oh dear. A quote from a pro-EU MEP, a Lib-Dem one I might add, that I agree with wholeheartedly:"Protectionism will kill the economy stone dead."
-Andrew Duff, Lib Dem MEP
Not a reason to close this blog down, mind you, in spite of a lack of posting lately as a result of coursework, exams, and other things. Duff was talking about the recent strikes, ended today by a pledge from the company in question to create 102 new jobs for the locals. What he means is labour protectionism, i.e., stopping migrant workers coming into the country.
Protectionism, in terms of keeping competitive foreign goods out of the market, is dangerous. It doesn't help consumers or firms. Stopping migrant workers is completely different. In the "good times", I would have argued for it it on demographical and cultural grounds. During a recession of the scale of which we are entering, it becomes cruel and immoral to import labour.
Don't believe any pro-EU MEP when he says he isn't keen on protectionism. The EU couldn't be more protectionist if it was on the moon. The agenda is the "single market", on keeping all European workers on the same level, just as they would be, say, if Europe was one country.
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4 comments:
There's an interesting post on BBC Economics correspondent Stephanie Flanders' blog, in which she points out that the consensus among economists is that protectionism was NOT responsible for the Great Depression.
Why can't we put all those striking 'workers' on a boat to Mumbai and import an equal number of nice, polite, hardworking Indians who don't think the world owes them a living and have an learnt reaction of throwing their teddies out of the pram, rather than knuckle down, when the, seasonably quite predictable, snow hits the fan?
Yes and no. Protectionism is illiberal, harmful and stupid but will it really "kill the economy stone dead"?
No - it will hurt a section of the economy somewhat.
Have a read of this blog by the BBC's Stephanie Flanders.
BBC I know but she's generally OK and this actually did make me think a bit.
I've just read the comments and seen someone else has also pointed it out. Actually, she's not saying that Protectionism didn't make things worse and longer than otherwise. She was just saying the effect was a lot smaller than people assume.
JF, I hope you are consistent in your argument as you have justified the replacement of native North americans, Australian Aborigines, Hottentots and indeed of any people because they are economically backward in comparison with another.
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