There are two reasons Adam Smith was skeptical about government's ability to regulate free trade successfully: First, government tended to be much less responsive to the needs of the people than self-interested merchants; and, Second, special interest groups could manipulate governments, leading to policies for their own enrichment rather than the public benefit.
Government was inefficient and could be influenced.
Sooooo.....look at Trump’s choice to be commerce secretary, Wilbur Ross, who was a registered Democrat until nine days into the transition. He has praised China’s central direction of its economy using five-year plans. Ross favors a U.S. “industrial policy” whereby government would “decide which industries are we going to really promote — the so-called industries of the future.”
Well, maybe he's smarter than Smith.
Government was inefficient and could be influenced.
Sooooo.....look at Trump’s choice to be commerce secretary, Wilbur Ross, who was a registered Democrat until nine days into the transition. He has praised China’s central direction of its economy using five-year plans. Ross favors a U.S. “industrial policy” whereby government would “decide which industries are we going to really promote — the so-called industries of the future.”
Well, maybe he's smarter than Smith.
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