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Quotation of the Day…

… is from page 3 of Scott Lincicome’s excellent, data-rich new study – published last month as a Cato Institute Policy Analysis – “Manufactured Crisis: ‘Deindustrialization,’ Free Markets, and National Security“:

[A]nalyses of the U.S. manufacturing sector and the relationship between trade and national security, as well as the United States’ long and checkered history of security-​related protectionism, undermine the theoretical justifications for imposing protectionism and industrial policy in the name of national defense. Instead, open trade, freer markets, and global interdependence will in almost all cases produce better outcomes in terms of national security and, most importantly, preventing wars and other forms of armed conflict.


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