Problems of an open economy

Any protectionist campaign here -- such as a "Buy British" effort -- would face another problem: There isn't as much left to protect in a country where manufacturing accounts for 14.3% of the economy, compared with 21.6% in 1995. There are, for instance, few British makers of toys or consumer electronics, and no significant British-owned car makers left.


In Germany, Europe's largest economy, manufacturing accounts for almost 24% of output. In the U.S., it accounts for even less than in the U.K., at 11.7%.


It is also harder to be protectionist in the modern world, with countries bound in trade groups such as the World Trade Organization and the EU. In the 15 states that have been members of the EU since 1995, every citizen has the same legal rights in applying for a job.


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