It’s likely the biggest and best known advocate of the so-called ‘free market’, the United States of America. It’s everywhere you look and listen.
Unless of course the competition has arrived somewhere with a similar product at near dumping prices, then the idea of free market is not that big of a deal anymore all of a sudden. No, then the world’s free market advocate screams and begs for government interference and regulation.
So when China came along with very cheap steel lately and started to sell it at very low prices, below that which US manufacturers can offer, the free market ideology was suddenly being back-stabbed by its most prominent advocate itself, the United States of America.
As a response to the current cheap prices of Chinese steel – used in car manufacturing, shipping containers and construction – the US government was lobbied intensively to increase its taxes on imported steel from China, by more than 500%, so it is reported.
One word describes this situation perfectly: Hypocrisy!