Protectionism and the Destruction of Prosperity

Protectionism, often refuted and seemingly abandoned, has returned, and with a vengeance. The Japanese, who bounced back from grievous losses in World War II to astound the world by producing innovative, high quality products at low prices, are serving as the convenient butt of protectionist propaganda. Is this “flood” of Japanese products really a menace, to be combated by the U.S. government? Or is the new Japan a godsend to American consumers?