The Social Trinity a New Science of Political Economy
The Social Trinity a New Science of Political Economy
Richard Gunn
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In view of the fact that the prominent economists and statisticians have thought free-trade was producing an immense annual gain, it will suffice if we prove there has been a loss, whatever be its extent. We estimate a minimum loss of ten thousand millions by the following crude calculation : — During the last thirty-five years untaxed imports have approximated five hundred and seventy million stg. A year. The national cost of protecting these we estimate at 15 per cent. This shows an annual lo...ss to the nation of eighty-five millions from un- paid taxes. The monopoly which free-importers receive by free-protection enables them to sell cheaper than our taxed producers can do. But the nation is subjected to still another loss from suppressed pro- THE LAW OF EXCHANGE. 57 duction, which loss we estimate at double the first one, and amounting to 170 millions a year. There- fore, the combined losses equal two hundred and fifty-five millions annually. In 35 years, which is half of the 70 years of free-trade, the loss totals eight thousand eight hundred and twenty-five millions stg.
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