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Philippe Legrain: protectionism is the ‘economics of the madhouse’

By Leo Hornak  

Last month’s provocative piece by Ha-Joon Chang on the need for increased economic protectionism to help overcome the recession has received a scathing response from Philippe Legrain, a contributing editor to Prospect and author of Open World: The Truth about Globalisation . In a web exclusive on our main site, Legrain claims that greater protectionism would only serve to reduce people’s purchasing power, and would result in higher import taxes and therefore less demand for our imports:

“Higher taxes…

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