Economic Autonomy Quotes
See {617208} his grandfather’s related statement.
The alternative would have been for the colonies to borrow English money at high interest rates and use that. Or use money from private banks (which occurred later.) Many conservatives are today a little shocked that some of the American Colonies just printed money with no backing but it worked—at least at the local level. A Boston Bank for example, would take a large commission for a Bostonian to convert Pennsylvania money into Massachusetts money. So it was not a very good system for trade between colonies and International trade. But English money was used for that. The colonists pragmatically got the “best of both worlds” and paid as little interest as they needed to. This system is essentially what we use today on a national scale with no gold or silver backing of the money.
This same argument was used before and since to justify protecting domestic manufacturing from foreign competition until it can mature sufficiently to compete in a global economy. One difficulty occurs if protective tariffs are imposed for this reason. The manufacturers protected never seem to reach the point where they can compete without the subsidy.
Brightstar, owned by Sprint, had 70 percent of the Venezuelan cell telephone market when leftist and anti-American Hugo Chavez was the President of Venezuela. The company served it’s Venezuelan customers well at competitive prices and created many jobs at all levels for Venezuelans. Chavez allowed them to stay in the market.
The Country was still in the Depression.