Premises of Free Trade Examined: Also Reviews of Bastiat's "Sophisms of Protection," of Professor Sumner's Argument Against "protective Taxes," of Professor Perry's "Farmers and the Tariff," of Professor Sumner's Speech Before the Tariff Commission and of "Progress and Poverty." |
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Page 15
... advantage . The general industry of the country , being always in proportion to the capital which employs it , will not thereby be diminished , no more than that of the above - mentioned artificers , but only left to find out the way in ...
... advantage . The general industry of the country , being always in proportion to the capital which employs it , will not thereby be diminished , no more than that of the above - mentioned artificers , but only left to find out the way in ...
Page 22
... advantage , it would at once be- come her interest to employ this commodity as a means of obtaining through trade her coal from England , instead of producing coal di- rectly from her own mines . " ― All that this proves is , that in ...
... advantage , it would at once be- come her interest to employ this commodity as a means of obtaining through trade her coal from England , instead of producing coal di- rectly from her own mines . " ― All that this proves is , that in ...
Page 24
... advantage " as can be well sold ; that , if we offered a larger quantity , the net re- turns would be less in the aggregate than they are now ; and , if so , the commodities produced by reason of the tariff are just so much clear gain ...
... advantage " as can be well sold ; that , if we offered a larger quantity , the net re- turns would be less in the aggregate than they are now ; and , if so , the commodities produced by reason of the tariff are just so much clear gain ...
Page 25
... advantage , and take the other things from England . The farmers could take $ 1,000,000,000 , and the rest of the community converted into farmers could take another $ 1,000 , - 000,000 ; and , twenty - five years hence , when we number ...
... advantage , and take the other things from England . The farmers could take $ 1,000,000,000 , and the rest of the community converted into farmers could take another $ 1,000 , - 000,000 ; and , twenty - five years hence , when we number ...
Page 33
... advantage in producing cotton , tobacco , wheat , and a few other products which are salable abroad ; but the market for these products is not sufficiently great , nor can it become sufficiently great , to warrant the employing upon ...
... advantage in producing cotton , tobacco , wheat , and a few other products which are salable abroad ; but the market for these products is not sufficiently great , nor can it become sufficiently great , to warrant the employing upon ...
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Common terms and phrases
abroad absurd abundance Adam Smith advantage aggregate agriculture American amount argument Bastiat says cause cent Chapter cheap cheaper classes Cobden Club competition conclusion consume cost deductive deductive reasoning demand desire diminished doctrine dollars duty economists effect employed England equal exchangeable value exist fact fallacy of division farmers field of employment fifty millions foreign France free trade free-trade George give greater gross annual product high wages hundred millions imported income increase individual industry instruments of production interest iron J. S. Mill John Stuart Mill labor and capital land less logic ment nation natural never obstacles opulence paragraph political economy population portion present Professor profits Progress and Poverty proposition protectionist protective taxes railroad raise wages rate of wages raw products reasoning rent skill society Sophisms Sumner tariff theory things thousand millions tion unemployed capital United wealth whole woollens
Popular passages
Page 15 - What is prudence in the conduct of every private family, can scarce be folly in that of a great kingdom. If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy it of them with some part of the produce of our own industry, employed in a way in which we have some advantage.
Page 1 - Whereas it is necessary for the support of government, for the discharge of the debts of the United States, and the encouragement and protection of manufactures, that duties be laid on goods, wares, and merchandises imported: Be it enacted, etc.
Page 22 - The niggardliness of nature, not the injustice of society, is the cause of the penalty attached to overpopulation. An unjust distribution of wealth does not aggravate the evil, but, at most, causes it to be somewhat earlier felt. It is in vain to say that all mouths which the increase of mankind calls into existence bring with them hands. The new mouths require as much food as the old ones, and the hands do not produce as much.
Page 29 - By preferring the support of domestic to that of foreign industry he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention.
Page 3 - ... the general industry of the society, or to give it the most advantageous direction, is not, perhaps, altogether so evident. The general industry of the society never can exceed what the capital of the society can employ. As the number of workmen that can be kept in employment by any particular person must bear a certain proportion to his capital, so the number of those that can be continually employed by all the members of a great society must bear a certain proportion to the whole capital of...
Page 4 - No regulation of commerce can increase the quantity of industry in any society beyond what its capital can maintain. It can only divert a part of it into a direction into which it might not otherwise have gone...
Page 4 - There can be no more industry than is supplied with materials to work up and food to eat. Self-evident as the thing is, it is often forgotten that the people of a country are maintained and have their wants supplied, not by the produce of present labour, but of past.
Page 11 - Every manufacturer, encouraged in our Country, makes part of a market for Provisions within ourselves and saves so much money to the Country as must otherwise be exported to pay for the manufactures he supplies. Here in England...
Page 22 - ... existing habits of the people, under such an encouragement, it undoubtedly would in little more than twenty years, what would then be their condition? Unless the arts of production were, in the same time, improved in an almost unexampled degree, the inferior soils which must be resorted to, and the more laborious and scantily remunerative cultivation which must be employed on the superior soils, to procure food for so much larger a population, would, by an insuperable necessity, render even individual...
Page 15 - It is the maxim of every prudent master of a family never to attempt to make at home what it will cost him more to make than to buy.