Protectionism: the -ism which teaches that waste makes wealth
A clear and strong case for free trade against proctectionism. The chapter of the fallacies of protectionism is very thorough.
Protectionism: the -ism which teaches that waste makes wealth (New York: Henry Holt and Company, 1888).
The text is in the public domain.
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Table of Contents
- BY THE SAME AUTHOR
- CHAPTER I.: DEFINITIONS: STATEMENT OF THE QUESTION TO BE INVESTIGATED.
- A.): The System of which Protection is a Survival.
- B.): Old and New Conceptions of the State.
- C.): Definition of Protectionism.—Definition of “Theory.”
- D.): Definition of Free Trade and of a Protective Duty.
- E.): Protectionism Raises a Purely Domestic Controversy.
- F.): “A Protective Duty is not a Tax.”
- CHAPTER II.: PROTECTIONISM EXAMINED ON ITS OWN GROUNDS.
- A.): Assumptions in Protectionism.
- B.): Necessary Conditions of Successful Protective Legislation.
- C.): Examination of the Means Proposed, Viz., Taxes.
- D.): Examination, of the plan of Mutual Taxation.
- E.): Examination of the Proposal to “Create an Industry.”
- F.): Examination of the Proposal to Develop our Natural Resources.
- G.): Examination of the Proposal to Raise Wages.
- H.): Examination of the Proposal to Prerent Competition by Foreign Pauper Labor.
- I.): Examination of the Proposal to raise the Standard of Public Comfort.
- Chapter III.: PROTECTIONISM EXAMINED ADVERSELY.
- I.: PROTECTIONISM INCLUDES AND NECESSARILY CARRIES WITH IT HOSTILITY TO TRADE OR, AT LEAST, SUSPICION AGAINST TRADE.
- A.): Rules for knowing when it is Safe to Trade.
- B.): Economic Units not National Units.
- II.: PROTECTIONISM IS AT WAR WITH IMPROVEMENT.
- A.): Taxes to offset Cheapened Transportation.
- B.): Sugar Bounties.
- C.): Forced Foreign Relations to Regulate Improvement which can no Longer be Defeated.
- 3: PROTECTION LOWERS WAGES.
- A.): No True Wages Class in the United States.
- B.): How Taxes do act on Wages.
- C.): Perils of Statistics, Especially of Wages.
- 4.: PROTECTIONISM IS SOCIALISM.
- CHAPTER IV.: SUNDRY FALLACIES OF PROTECTIONISM
- (A.): That infant industries can be nourished up to independence and that they then become productive.
- (B.): That protective taxes do not raise prices but lower prices.
- (C.): That we should be a purely agricultural nation under free trade.
- (D.): That communities which manufacture are more prosperous than those which are agricultural.
- (E.): That it is an object to diversify industry, and that nations which have various industries are stronger than others which have not various industries.
- (F.): That manufactures give value to land.
- (G.): That the farmer, if he pays taxes to bring into existence a factory, which would not otherwise exist, will win more than the taxes by selling farm produce to the artisans.
- (H.): That farmers gain by, protection, because it draws so many laborers out of competition with them.
- (I.): That our industries would perish without protection.
- (J.): That it would be wise to call into existence various industries, even at an expense, if we could thus offer employment to all kinds of artisans, etc., who might come to us.
- (K.): That we want to be complete in ourselves and sufficient to ourselves, and independent, as a nation, which state of things will be produced by protection.
- (L.): That protective taxes are necessary to prevent a foreign monopoly from getting control of our market.
- (M.): That free trade is good in theory but impossible in practice; that it would be a good thing if all nations would have it.
- (N.): That trade is WAR, so that free trade methods are unfit for it, and that protective taxes are suited to it.
- (O.): That protection brings into employment labor and capital which would otherwise be idle.
- (P.): That a young nation needs protection and will suffer some disadvantage in free exchange with an old one.
- (Q.): That we need protection to get ready for war.
- (R.): That protectionism produces some great moral advantages.
- (S.): That a “worker may gain more by having his industry protected than he will lose by having to pay dearly for what he consumes. A system which raises prices all round—like that in the United States at present—is oppressive to consumers, but is most disadvantageous to those who consume without producing any thing, and does little, if any, injury to those who produce more than they consume.”
- (T.): That “a duty may at once protect the native manufacturer adequately, and recoup the country for the expense of protecting him.”
- Chapter V.: SUMMARY AND CONCLUSION.