Quotation of the day…

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… is from page 59 of the 2005 reprint of Harvard economist Frank Taussig’s classic 1888 work, The Tariff History of the United States:

We may therefore conclude that the duties on iron during the generation after 1815 formed a heavy tax on consumers; that they impeded, so far as they went, the industrial development of the country; and that no compensatory benefits were obtained to offset these disadvantages.

DBx: Here is yet further evidence that protectionism stymied America’s industrial development.