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Quotation of the Day…

Tweet [1]

… is from page 210 of the 1991 Robert Schalkenbach Foundation edition [2] of Henry George [3]‘s 1886 volume, Protection or Free Trade [4]:

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 [5].