"a rise in protectionism after 1932 was inevitable regardless of who was in power, because the 1930s were years of trade destruction everywhere .... Also, to a point, protection worked. In the 1930s on average, higher tariffs were associated with better economic performance"

This gets us thinking about the protectionism of the 1930s. There has been much criticism. But it was a protectionist time. Quoting @kevinhorourke.bsky.social and Cormac Ó Gráda in "The Irish economy during the century after partition" (Economic History Review, 2022) ....

Featuring insightful input from many economists including IPG's @rjuhasz.bsky.social

Also see on our media page! krill-armadillo-z783.squarespace.com/media

Reflections:
1. The rhetoric and justifications for industrial policy are often far from straightforward correcting of market failures
2. The US example uses an ownership stake as a form of industrial policy as they have recently done with Intel: there is much more to learn about this form of IP.