Propositions Concerning Protection and Free Trade |
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abroad ad valorem Adam Smith admit advantage advocates of free agriculture already amount annual artisans balance of trade Britain British capital cent civilization cloth commerce competition competitor consequence consumer consumption cost cotton country is adapted cultivation depend divers doctrine dogma dollars domestic arts domestic industry domestic production duction dustry duties on imports economy Edinburgh Review effect employ employment encouragement England enhanced estimate expediency exports fallacy favor foreign countries foreign markets free-trade greater improvement increase individual kinds labor lative least legislation less let-alone manufactures materials means ment merely millions nation object persons political political economy present money price pretence profit promote proportion proposed proposition protection protectionist quantity question rate of wages reason reduce revenue Rump Parliament sophisms species of industry sumers supply suppose tariff of 1846 tion Walker wealth wealth of nations whole wool
Popular passages
Page 22 - What is the species of domestic industry which his capital can employ, and of which the produce is likely to be of the greatest value, every individual, it is evident, can, in his local situation, judge much better than any statesman or lawgiver can do for him.
Page 228 - If we examine into the circumstances of the inhabitants of our plantations, and our own, it will appear that not one-fourth part of their product redounds to their own profit, for, out of all that comes here, they only carry back clothing and other accommodations for their families, all of which is of the merchandise and manufacture of this kingdom.
Page 228 - New England, and the northern colonies, have not commodities and products enough to send us, in return, for purchasing their necessary clothing, but are under very great difficulties, and therefore any ordinary sort sell with them. And when they have grown out of fashion with us, they are new-fashioned enough there.
Page 230 - Continent renders very unlikely ; and because it was well worth while to incur a loss upon the first exportation, in order, by the glut, to stifle in the cradle those rising manufactures in the United States, which the war had forced into existence, contrary to the natural course of things...
Page 23 - the study of his own advantage naturally, or rather necessarily, leads him to prefer that employment which is most advantageous to the society...
Page iv - Resources, and Condition of the United States. Phillips traced his change to his reinvestigation of the science. Recalling this period two decades later, he wrote: "Being then imbued with the economical creed . . . taught in our public seminaries, I had occasion to attempt its vindication, against the aggressions then supposed to be made on commerce . . . through protective legislation.
Page 103 - Under free trade, each nation will profit by the labor of every other ; each will employ its industry in those pursuits for which it is best adapted, and the surplus of each be thus exchanged with the others by a reciprocal commerce beneficial to all parties. The true industrial interests of nations are identical ; and in exchanging with each other the products most cheaply produced by each, labor everywhere benefits labor, man his brother man, and nations each other ; and their only antagonism is...
Page 4 - ... laws which control trade between nations, and regulate the relation between capital and profits on the one hand, and wages and labor on the other, are perfect and harmonious, and the laws of man which would effect a change are always injurióos.
Page 26 - In the mean time the novelty of this navigation act, and the ignorance of some traders, occasioned at first loud complaints, that although our own people had not shipping enough to import from all parts whatever they wanted, they were nevertheless by this law debarred receiving due supplies of merchandize from other nations, who only could and till then did import them.