Protectionism means you're protecting inefficient industries. In a global marketplace, this means industries in other countries will out-compete yours.
> consuming value to force your people to create less value
That's the "spherical cow on a frictionless plane in a vacuum" of economics.
Protectionism is probably a good idea when the competitor is temporarily subsidizing various industries to build a permanent comparative advantage that can then be abused, either by being an effective monopoly, or by shaping your enemies to be logistically unprepared for war.
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