Unfulfilled Predictions
By Rodrigo Botero Montoya - [email protected]
TL;DR
- Protectionist arguments have historically opposed trade liberalization with predictions of economic harm.
- Despite these predictions, reducing tariffs and signing free trade agreements have resulted in economic growth and diversification.
- The agricultural sector has grown and diversified, with significant export increases.
- The industrial sector has also expanded and diversified, with modern companies competing internationally.
- Free trade agreements have provided preferential market access, benefiting both industrial and agricultural exports.
- The debate pits import substitution (protectionism) against export promotion (international integration), with the latter proving more successful.
- The persistence of protectionist initiatives, despite evidence, suggests a reluctance to embrace economic modernization.