An article on bloomberg.com quoted the Wall Street Journal’s observation that Congress’s use of the sugar quota was an attempt to “save industries afflicted with an extreme form of prolongation of infancy.” The industries being referred to be the U.S. cane sugar and beet sugar industries.
a. What is an “infant industry”?
b. What is the economic argument in favor of protecting infant industries?
c. What does the phrase “an extreme form of prolongation of infancy” mean? How does this phrase relate to the debate over the sugar quota?