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Tommy Palven
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Protectionism
Jun 17th, 2018 at 4:20am
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Discussing protectionism in The Nature and Causes of the Wealth of Nations, 1776, Scottish philosophy professor Adam Smith spoke too soon in saying:

"To expect that freedom of trade should ever be entirely restored in Great Britain is as absurd as to expect that Utopia should ever be established in it. Not only the prejudices of the public, but what is much more unconquerable, the private interests of many individuals, irresistibly oppose it."

In discussing repeal of the Corn laws British Prime Minister Benjamin Disraeli spoke too soon stating in 1850:

"...protection is not only dead, but damned."

And around and around we go:

Plus ca change, plus c'est la meme chose:
https://www.nytimes.com/2018/06/15/us/politics/us-china-tariffs-trade.html
« Last Edit: Jun 17th, 2018 at 8:05am by Tommy Palven »  
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The Opposition
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Re: Protectionism
Reply #1 - Jun 17th, 2018 at 2:39pm
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I agree with Adam Smith. But in a libertarian context, there's nothing wrong with private interests acting as they choose, even if it creates protectionism. It is only wrong for the government to do so.
  

This moral relativism of yours is exactly what lets government take this freedom, then that freedom, until we have lost them all.
-SnarkySack
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Jeff
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Re: Protectionism
Reply #2 - Jun 17th, 2018 at 4:48pm
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The Opposition wrote on Jun 17th, 2018 at 2:39pm:
I agree with Adam Smith. But in a libertarian context, there's nothing wrong with private interests acting as they choose, even if it creates protectionism. It is only wrong for the government to do so.
Protectionism is defined as government intervention, and you're right, it's not good economic policy.

Private interests have to do their best to stay in business without government help, unless they are cronies.

Protectionism always involves cronies.
  

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