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Bonus Quotation of the Day…

… is from page 148 of the late Harvard and AEI economist Gottfried Haberler’s 1974 book, Economic Growth & Stability: An Analysis of Economic Change and Policies:

Proponents of infant industry protection and “import substitution” almost invariably claim that the now developed countries – the United States, Germany, France, Japan, etc. – owe their development in the nineteenth century to protection from overpowering competition of the old established British industries. Actually the verdict of history is very different.

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