machinehead Posted July 23, 2003 Report Share Posted July 23, 2003 "Hynix Semiconductor Inc., the world's third-largest maker of memory chips, faces tariffs of as much as 45 percent after a U.S. trade agency found that exports from the South Korean company are injuring American competitors." Micron strikes again The record shows fairly conclusively (with occasional exceptions such as Harley Davidson) that companies which seek political protection to survive ultimately shrivel and die. Just look at the brain-dead steel and textile industries. "The [iTC], an autonomous agency that measures the impact of trade on U.S. companies, also said catfish imports from Vietnam are injuring U.S. farmers, paying the way for tariffs of 64 percent and raising tension between the two nations." All of this has a distinctly neo-Thirties ring to it. It's not an across-the-board shutdown of world trade such as the idiotic Smoot-Hawley Act caused, but it's the same philosophy at work. And the trend is moving in the wrong direction. If you really want to make people poor, desperate, jobless and hungry on a mass scale, aggressive protectionism is probably the quickest and most effective method -- sort of like a lethal injection for the economy -- fast-acting, immobilizing and deadly. Link to comment Share on other sites More sharing options...
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