Branko Milanovic(@BrankoMilan):I listened tonight to a @AEI debate on trade, US and China and I learned that there were two theories of international trade. Theory 1. If you are stronger and win, free trade. To be taught in schools while the assumptions hold. Theory 2. If you are weaker and cannot win, close the markets. And assume that nobody has ever heard of Theory 1.

Branko Milanovic

@BrankoMilan

Income inequality, politics, history, soccer Research prof, Graduate Center CUNY; Visiting prof III, LSE Author of "The Great Global Transformation".

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Branko Milanovic@BrankoMilan

2026.07.14 03:08

I listened tonight to a @AEI debate on trade, US and China and I learned that there were two theories of international trade. Theory 1. If you are stronger and win, free trade. To be taught in schools while the assumptions hold. Theory 2. If you are weaker and cannot win, close the markets. And assume that nobody has ever heard of Theory 1.

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