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Quotation of the Day…

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… is from page 641 of the 1950 Augustus M. Kelley reprint of Philip Wicksteed’s magnificent, if wordy, 1910 work, The Common Sense of Political Economy [2]:

The United States of America are often cited as furnishing a typical case of protection, but we should never lose sight of the fact that there is free trade within the United States themselves, so that it seems safe to assert that there is no other free trade area of so great an extent and embracing so wide a variety of natural and social conditions in the whole world. Moreover, it is generally supposed that the United States would welcome the accession of Canada, and in case of a union would at once throw down the fiscal barriers that now separate the two countries. If this is so, one is led to the conclusion that the tariff is not maintained on economic grounds, and that no economic loss would be anticipated from its removal.

DBx: Wicksteed’s Common Sense is available on line here without charge [3].

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