Trade & Protectionism

Franklin Cudjoe founder of Imani: The Centre for Humane Education writes about Protectionism "...In the 1950s and 1960s, governments of many countries in Africa and Latin America erected walls around themselves in the form of trade barriers. The plan was to enable the industries of these countries to grow, "protected," as it were, from outside competition. What actually happened was that these industries floundered.
Although the industries in these "protected" countries grew for a brief period, the lack of competition meant that their industries became lazy and fell behind the rest of the world in both technological improvement and growth. Also, because imports were expensive or even unavailable, their costs of production rose and they continued to use old and inefficient technologies. Soon these protected industries were producing goods that few people wanted; exports fell dramatically and in many cases the industries – usually run by the cronies of corrupt leaders – had to be subsidized by the state in order to stay afloat...",A World Connected.
Also covered at the Globalization Institute