Quotation of the Day…

by Don Boudreaux on June 24, 2014

in Crony Capitalism, Seen and Unseen, Subsidies, Trade

… is from page 210 of the 1991 Robert Schalkenbach Foundation edition of Henry George‘s 1886 volume, Protection or Free Trade:

And it must be remembered that the effect of “encouraging” any industry by taxation [in the form of a tariff] is necessarily to discourage other industries, and thus to force labor into the protected industries by driving it out of others.

Years ago, Dwight Lee and I wrote about this mostly unseen and frequently ignored effect.


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