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Tuesday, September 23, 2014

Sometimes outmoded industries with dinosaur management in the habit of caving to unions all the time, or who have no choice and the union is unreasonable and selfish, need to be allowed to go.  A nation is better off buying from foreigners if the foreigners can produce it cheaper -- that way the nation doesn't waste money on subsidies or barriers -- and can concentrate on what it does best.  The economic process is called "creative destruction" and means that it is foolish to try to hold onto old industries when their time has come.

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