Bonus Quotation of the Day…

by Don Boudreaux on August 24, 2019

in Crony Capitalism, Trade

… is from a 1906 electoral address by Sir Henry Campbell-Bannerman, as shared on Facebook by Steve Davies:

I hold that protection is not only bad economy, but that it is an agency at once immoral and oppressive, based as it is and must be on the exploitation of the community in the interest of favoured trades and financial groups. I hold it to be a corrupting system, because honesty and purity of administration must be driven to the wall if once the principle of taxes for revenue be departed from in favour of the other principle, which I conceive to be of the essence of protection—that, namely, of taxes for private beneficiaries.

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