Quotation of the Day…

by Don Boudreaux on April 15, 2016

in Crony Capitalism, The Economy, Trade

… is from page 489 of the 5th edition (2015) of Thomas Sowell’s Basic Economics:

At any given time, it is undoubtedly true that some industries will be adversely affected by competing imported products, just as they are adversely affected by every other source of cheaper or better products, whether domestic or foreign.  These other sources of greater efficiency are at work all the time, forcing industries to modernize, downsize or go out of business.  Yet, when this happens because of foreigners, it can be depicted politically as a case of our country versus theirs, when in fact it is the old story of domestic special interests versus consumers.

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