Does economic theory apply today as it did when Europe and the - TopicsExpress

Does economic theory apply today as it did when Europe and the Americas industrialised? Adam Smith in his Wealth of the Nations advised Americans against protectionism but they did not heed his advice. Instead they listened to their own Treasury Secretary Alexander Hamilton who vigorously defended infant industry protection and today America is one of the most industrialised nations on earth. Now can Africa industrialise without infant industry protection? How do you create that balance between allowing market forces to operate freely without exposing young African industry from more established industries from the West and China?

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