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Quotation of the Day…

… is from page 255 of Lionel Robbins’s 1958 book, Robert Torrens and the Evolution of Classical Economics:

From Adam Smith onwards, the classical tradition in regard to retaliation [against tariffs imposed by foreign governments] had been quite definitely that it was seldom worth the candle; and while the matter had not been talked about at length, the general tone of the literature certainly favoured a unilateral progress to free trade.

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