![]() Now in the order of US$361 billion a year, the industry subsidy programs of the big three are collectively bigger than the GDP of four-fifths of the world’s nations. These subsidies are sometimes complemented by policies designed to deny technological innovations to competitor economies.Ī report by Global Trade Alert reveals that the three economic superpowers introduced 18,000 industry subsidy programs in the years following the 2008 financial crisis, roughly split evenly. China, the United States and the European Union have vastly increased government subsidies to industries, frequently supporting the development of advanced technologies. There was a time when government spending to support particular industries was widely deplored as wasteful interference in free markets. ![]() Economics, Politics and Public Policy in East Asia and the PacificĪuthor: John Edwards, Curtin University and Lowy Institute
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