Results show recognition that countries need to use trade policies that help protect and strengthen growing sectors within national economies.
A survey by GE of 2,090 executives in 20 large economies shows that there is widespread support for protectionist policies to defend the tech sector in individual nations.
As noted by Axios, “Business executives across the globe—typically a chorus of free traders—favor barriers that would protect and foster technological advances in their own country, according to a new survey.”
Support for tech protectionism ranges from 71% among CEOs in the United Arab Emirates, to 39% in South Africa, with the average support level at 55%.
56% of Canadian CEOs support protectionism for the tech sector.
These are interesting results, as they contradict the usual message of the elites that has tried to turn ‘protectionism’ into a dirty word.
Of course, that’s because the elites want to break down nation-states and impose centralized control, which means open borders and ‘free trade’ without any limit.
Yet, a look at history shows that almost every wealthy country succeeded in large part because they imposed tariffs and trade restrictions to protect growing sectors of their economy – instead of having their own economic independence eroded by letting in a flood of foreign imports that destroy national businesses.
That’s why it’s time for us to move beyond the narrow economic debate the elites try to impose, and take steps to put our own economic interests ahead of everything else. In many cases – as with the tech sector – that will mean protectionism, and we shouldn’t be afraid to protect our own economy.