… is from page 491 of the 5th edition (2015) of Thomas Sowell’s Basic Economics:
At any given time, a protective tariff or other import restriction may provide immediate relief to a particular industry and thus gain the political and financial support of corporations and labor unions in that industry. But, like many political benefits, it comes at the expense of others who may not be as organized, as visible, or as vocal.
DBx: Yes.
You show me a sincere protectionist and I’ll show you someone who – were he or she to act in other parts of life in the same manner that he or she acts regarding trade and trade policy – walks out of a movie after only 15 minutes and then insists on informing others of just what the movie is about and how it ends. Such a person would also read only the first dozen or so pages of a long novel and then believe himself or herself to be fully informed about the novel’s arc and conclusion. This person would constantly interrupt conversations and then leap to conclusions about just what other people are thinking and mean to say.
This protectionist would listen to only the first six seconds of the Beatles’s All You Need Is Love and conclude that it’s simply another recording of “La Marseillaise.”
