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Quotation of the Day…

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… is from pages 376-377 of the 1936 English-language edition (translated from German by Alfred Stonier and Frederic Benham) of Gottfried Haberler [2]’s classic 1933 work, The Theory of International Trade With Its Application to Commercial Policy [3] (original emphasis; footnote deleted):

The peculiarity of such an ‘exchange’ [as occurs when governments negotiate trade agreements with each other] is that the surrender of its own exchange-object – the reduction of its own duties – is in reality no sacrifice…. It is the increase and not the reduction of duties which is the real economic burden!

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