Defining protectionism down

Something worthwhile on the new Guardian blog: A post by Daniel Davies.

Economic “protectionism” is back in the news with a vengeance, with France objecting to takeovers in the steel sector, Spain putting together national champion utilities and the USA crying blue murder over Dubai Ports World’s proposed acquisition of P&O. James Surowiecki had an article in the Saturday Guardian painstakingly setting out the conventional wisdom on this subject (ie that it’s very bad). Trouble is, this isn’t really what “protectionism” means.

Via Atrios.

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