Quotation of the Day…

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… is from page 279 of the late David Boaz’s excellent 2015 volume, The Libertarian Mind:

One of the earliest insights of modern economics was that mercantilism, under which the state would supervise and plan the economy, favoring and supporting particular businesses and industries, was actually harmful to prosperity. In the past two centuries the most successful economies have generally avoided mercantilism, industrial policy, and protectionism, while poor and authoritarian countries have relied heavily on subsidies, protectionism, planning, cronyism, and “picking winners.”