Michael Pettis
Michael Pettis

@michaelxpettis

4 Tweets 6 reads Jul 03, 2023
1/4
I just finished reading Eric Helleiner's newest book. It's not necessarily for everyone, but for those interested in the history of "neo-mercantilist" thinking, it is a must-read.
2/4
For me there were at least two very important takeaways, one explicit and one implicit. The explicit takeaway, and the main purpose of the book, is that the what he calls "neo-mercantilist" thinking stretch back not just not to Carey and Hamilton in the US and...
3/4
List in Germany, but can be found extensively through Canada, Latin America, Japan, China, Australia, India, the Middle East, Ethiopia and central Africa. In many cases it emerges out of very old local intellectual traditions.
4/4
The second, and for me more important, takeaway is the uselessness of separating trade policy and industrial policy. As the thinkers he cites make clear, both are parts of a wider developmental approach to governance and both involve the distribution of domestic income.

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