“Protectionism is simply mercantilism. “
Well, at least you got the first part right.
That mercantilism built the biggest capital stock in the history of man, NOT “free trade”.
The US established the high bar of mercantilism from its’ inception in 1787 until, at least, the 1950s. As the US began to cede this posture in the 60’s, Japan and China picked it up and came to realize that the US model was how nations became rich. Filthy, stinkin’ rich.
Since, we have witnessed the largest transfer of capital stock since the barbarians stormed the gates of Rome.
It’s gone from the US to China, and a lesser extent to Japan.
Adam Smith showed the economic superiority of Free Trade vs Mechantilism. Ricardo’s iron logic showed Free Trade benefits are built in, almost a law of nature.