O Memorando inteiro deveria ser entregue ao Ministro Mantega, mas a parte sobre política industrial salta à vista:
"Just as it is inappropriate to discriminate in favour of the cottage industries, so it is equally inappropriate to discriminate in favour of factory industry or large concerns. Granting them special favour the form of especially advantageous loans guaranteed markets, refusal of licenses to competitors, enforcing or even permitting private price-fixing and market-sharing agreements-simply encourages inefficiency and wastes scarce resources. If private industry is granted special favours by the Government, it is certainly inevitable that its use of these favours will be controlled; but this does not offset the harm done by the favours; it merely introduces new sources of rigidity and inefficiency. Business ingenuity is devoted to carving out protected sectors instead of to opening up new markets and lowering costs. There is no justification for private industry unless it is competitive, unless the right to receive profits is accompanied by acceptance of the risk of loss. Private industry should be made to stand on its own feet without either favour or harassment."
(HT: Tyler Cowen)