An interesting panel discussion on tariffs and trade wars.
Steve Keen mentions that countries that industrialized fastest did so because of protectionist trade policies. The U.S. and Canada’s best economic years when both countries had tariff walls on imports. When both countries manufactured a wide range of products that were purchased by their citizens. Life was good.
Lots of good paying jobs. Everyone could afford a house. Debt was low. University and college were affordable. What was not to love.
Once global trade was implemented, all those manufacturing jobs disappeared. They went to low wage countries.
Countries are now expected to specialize. Canada no longer manufactures the things Canadians use on a day to day basis. Almost all appliances, furniture and electronics are imported, mostly from China.
Any manufacturing jobs left in Canada are suckling on the public teat. Asking for and receiving huge piles of that sweet, sweet taxpayer cash to keep those manufacturing jobs here.
The only reason most of those Canadian manufacturing jobs still exist is because the taxpayer has paid for them…and continues to pay for them. Its called extortion.