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But, it argues, such protectionism only serves to breed inefficient industries and reduce our competiveness.
Within the W.T.O., Moscow will have fewer means to support inefficient industries against competition from abroad.
Yet he notes that this had advantages: sweeping away inefficient industries and driving down living costs.
Inefficient industries would close down, or, like oil, be privatised.The silver linings are vague.
Inefficient industries may keep people employed in the short term, but over time their sluggish productivity makes the economy stagnate.
The internet disrupted the music business; Google disrupted the media; cloud-based companies could become disrupters in other inefficient industries.
Similar(30)
After 1945, Scotland's economic situation became progressively worse due to overseas competition, inefficient industry, and industrial disputes.
After World War II, Scotland's economic situation became progressively worse due to overseas competition, inefficient industry, and industrial disputes.
The government's priority on small pots is to cause no "disruption" to an inefficient industry.
The Russian government is leery of angering consumers and at the same time unwilling to protect an inefficient industry.
But critics complain that government intervention is undermining market forces that otherwise would press an inefficient industry to consolidate.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com