Was it that long ago back in June 1983 I took my Economics examination in three papers and from a week or two later had no lessons to attend until school was out for good?
We were in throws of major changes as banks and building societies started to do what had been each others bespoke activities, public sector businesses were being prepared for privatization and if they were not profitable, being shut down.
Globalization and trade liberalization were the new order of the day even on the financial markets because it was believed by all but the hard political left competition on a global scale lead to greater efficiency, lower prices and greater prosperity than shoring up anything any once country did where there was no competitive advantage in the same.
Now on Wednesday President Trump, leader of the country that really pushed that philosophy, signalled he was having none of it sticking protective tariffs from 10% to 34% beyond individual whole world tariffs on sectors such as Steel or Automobiles of some 25%
It is on the face of it fragrant violation of the rules of trade the WTO (World Trade Organization) expect of members that include the United States and is likely beyond legal action likely to result in retaliatory measures and a full blown trade war.
How ____ irresponsible in a time of global recession can you get when we need to grow the global economic cake, finding work for those without and getting major infrastructure works done to aid it in individual countries.
And actually protectionism doesn't work. You just waste your GDP sustaining inefficiencies.