When protectionism goes from bad to downright ugly

Earlier this week the Biden administration once again made protectionism official U.S. trade policy in issuing the Executive Order on Ensuring the Future Is Made in All of America by All of America’s Workers. Of course this is not new. Whether Republicans or Democrats occupy the White House, protectionism remains good politics as it has since the first Buy American policy came to be in the 1930s. Of course, history shows clearly that this very protectionism exacerbated the negative effects of the Great Depression. But as the saying goes, those who do not learn from history are doomed to repeat it. So here we are.