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Quotation of the Day…

… is from page 127 of Martin Wolf’s great 2004 book, Why Globalization Works:

The collapse in trade was a major spur to the search for autarky and Lebensraum, most of all for Germany and Japan.

DBx: All who attempt to justify trade restrictions in the name of national defense should – but almost never do – weigh the sort of reactions described above against whatever real or imaginary benefits to national defense are said to arise from trade restrictions.