The case for protectionism (Yes, there is one)

Why "Buy America" is a good short-term solution

Outrage over the latest “Buy America” push is so widespread you might think there’s no argument worth hearing from the other side. But here it is. Paul Krugman, the Nobel prize-winning economist, argues that without true global coordination of stimulus, the country spending the most (i.e., America) has a good short-term case for protectionism. Meanwhile, the Guardian’s economics editor draws a hard-edged lesson from history: “The real lesson of the 1930s is that if you think protectionism is in the offing, it makes sense to raise your barriers first.”

The Guardian