Quotation of the Day…

(Don Boudreaux)

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… is from page 5 of the late David Landes’s 2000 paper “Culture Makes Almost All the Difference,” which is chapter 1 in Culture Matters, Lawrence E. Harrison and Samuel P. Huntington, eds. (2000):

To be sure, cocoon economies … helped to shelter Argentina and other Latin American economies from the worst effects of the Great Depression. Such is the nature of cocoons. But it also cut them off from competition, stimuli, and opportunities for growth.

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