Quotation of the Day…

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… is from page 81 of the late I.M.D. Little‘s 1999 book, Collection and Recollections, as shared by Douglas Irwin in Irwin’s December 2024 essay “Changing the Trade and Development Consensus“:

We were slow to realize that the most prevalent reason for market failure was government itself. Governments were driven by false economic ideology – heavy industry, protection, import substitution – and also became increasingly self-serving and corrupt.