Protectionism is often most damaging when it prevents entrepreneurs from accessing products and services that would have increased domestic capital and worker productivity. The result is poorer workers and less productive domestic industry.
The African continent is exceedingly rich in natural resources, yet the living standard of Africans is very low. The most plausible explanation for this discrepancy is the lack of a system that protects private property.
Elizabeth Warren's wealth tax is based on the idea that the government knows how to use wealth better than the private sector. The plan also ignores that the wealthy have been shown to flee countries with a wealth tax.