Quotation of the Day…

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… is from page 1 of Francis W. Hirst‘s 1927 book, Safeguarding and Protection:

Some people imagine that economics and finance are complex, mysterious and almost incomprehensible subjects; but they really constitute the science of common sense, and their central truths are plain and simple. Of these, free trade stands first in practical importance, and once you have mastered the free trade principle in all its bearings you possess the elements of political economy. Free trade, or free exchange, is in reality the internal law of every pro- gressive and prosperous human society. The most reactionary Protectionist in England does not propose to “safeguard” the manufacturers and farmers of Yorkshire from their competitors in Lancashire by a tariff. The most reactionary of American Tariff-mongers does not suggest that the forty-eight states of the Union should be protected from one another. Within the Union free competition and free exchange are the touchstone of prosperity and progress. Thus in a limited sense the wisdom of free trade is universally acknowledged, and there is no logical argument against its extension from counties to countries or from interstate to international commerce.

DBx: Yes.

National-security concerns aside, protectionists have no good answer to this question: If it is economically enriching for you and the people of your neighborhood to trade freely with people in nearby neighborhoods, why is it not economically enriching for you and the people of your neighborhood to trade freely with people in other countries?