Quotation of the Day…

by Don Boudreaux on October 27, 2018

in Crony Capitalism, Trade

… is from chapter 5 of William Graham Sumner’s 1885 book, Protectionism: the -ism Which Teaches that Waste Makes Wealth (original emphasis):

Under protectionism the government gives a license to certain interests to go out and encroach on others. It is an iniquity as to the victims of it, a delusion as to its supposed beneficiaries, and a waste of the public wealth.

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