Washington: Nicholas Lardy, a senior researcher at the Peterson Institute for International Economics, a Washington-based think tank, said in a recent interview with Xinhua news agency that the narrative of so-called over-production has provided an excuse for protectionism. Such statements are a threat to global trade. Lardy said that according to this statement no country can produce more than its domestic consumption. If each country produced for its own country’s consumption, global trade would not exist. This would be a complete disaster for all economic communities. Giving an example, he…
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