… is from page 208 of my Mercatus Center colleague Dan Griswold’s excellent Winter 2019 Cato Journal article, “Assessing President Trump’s Trade Priorities”:
Thirty years ago, the focus of U.S. trade skeptics (including a certain prominent New York real estate developer named Trump) was Japan. Their view at the time was that the Japanese government also had a plan to take over the commanding heights of the global economy – through unfair trade practices, a bulging bilateral trade surplus with the United States, and an industrial policy orchestrated by its mighty Ministry of International Trade and Industry. Yet that model proved to be far less effective and threatening than feared.
Our confidence should be in the free market, not in central planning.
DBx: F.A. Hayek – who died 27 years ago today – would, of course, agree.