News for hackers. Stuff that matters.
Re:Google’s $6B Miscalculation on the EU by bduerst on Friday August 07, 2015 @01:30PM (#10023712)
You're forgetting the bailouts for the American auto industry and the ghost town known as Detroit. Protectionism stagnates technological development because of the artificially stymied competition.

Once the major players from hyper-competitive markets inevitably enter the protected market, then they outperform the resident industry there. Protectionism props up non-competitive markets, which is disruptive for citizens when they fall down.

Re:Google’s $6B Miscalculation on the EU by rtpg on Friday August 07, 2015 @09:03PM (#10025919)
That's a good point.

The auto industry might not be the best place for where you want to apply protectionism. But one pretty good usage is when the local industry is in its infancy.

It's pretty well accepted that the IMF forcing so many African countries to drop agriculture-related tariffs has been among the biggest failures of modern economics.