Cordell Hull


  • Cordell Hull, U.S. Secretary of State, 1933-1944; Nobel Peace Prize winner, ardent free trader

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    Comments

    Peter Gallagher

    Hi Ben,

    You're absolutely right, of course. Governments never know enough to be able to reliably pick the 'infants' that will mature into competitive industries despite the debilitating allurements of a protected market-place. A good industrial example would be the Australian passenger motor-vehicle industry that the Australian government recently subsidized (again) to the tune of $A6.2 billion over the next decade or so having taken exactly the same hollow assurances about 'investment' and 'employment' that it has taken from these 'infants' for the past 50 years. They've never 'emerged' as economically competitive and likely never will.

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