No. In some countries, such as South Korea, import restrictions did less damage than in Brazil. But everywhere they have been applied, selective import restrictions have reduced competition and discouraged innovation. As a result, the intended beneficiaries of these restrictions often have not prospered in the fiercely competitive international market.

For example, since the 1980s Malaysia has “protected” its automobile industry though prohibitive tariffs on imported cars. As a result, Malaysia’s car industry now comprises one manufacturer of one car, The Proton, which has a large share of the domestic market … and almost no share of any other market.

The problem is that governments do not have the kinds of knowledge available to the millions of individual entrepreneurs, who are constantly searching for opportunities. So, governments are not good at determining which sectors should be given preferential treatment. As a result, import restrictions tend to be imposed for political rather than economic reasons – often favouring companies owned by friends, family and supporters of those in power.