We have seen a new protectionism in various forms since the pandemic. Scott morrison wanted to 'make things again' in terms of vaccines. Now Anthony Albanese wants to do the same in terms of defence particularly with regard to AUKUS.
Noah Smith writes something on this but related to the USA.
Anyone who has studied economics has examined reasons to have protectionism. the defence industry argument is right up there. Unfortunately protectionism reduces a country's overall growth rate and distorts the allocation of resources. consumers pay a lot more for goods and services. something we in Australia know all about until the ALP reduced tariffs. The poor are particularly hit with higher prices.
Andrew Leigh understands all this but I fear his arguments will lose out in this area.
One might hope thae collins submarines would show anyone the costs of protectionism but we shall see
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