The Theory of International Trade With Some of Its Applications to Economic Pol
The Theory of International Trade With Some of Its Applications to Economic Pol
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) that impediments to transfer reduced the gain from exchange ; but duties for the purpose of protection are avowedly impediments, and they must, therefore, have this effect. For the purpose of clearer examination, we divided duties (Chap. VII. ) into two classes the former, which aimed at getting revenue, might, under certain conditions, be made to fall on foreign countries, and might possibly be advisable ; but this peculiar application was so limited, that we were led to recognise the expedi...ency of using them with the single aim of THE RATIONALE OF FREE -TRADE. 131 getting a maximum return ; and when that object was realised, the gain to the revenue might counterbalance the loss to the exchangers. In the second class of duties which were used for " protection, " this element of gain was absent. The loss which results from the hindrance exactly resembles that inflicted by difficulty' of transport, and thus brings back no compensating advantage. It is here that the weakness of modern protectionism is most apparent ; every effort is made to remove natural obstacles to exchange, and then, strange to relate, many persons seek to establish arti- ficial ones to " protect " national industry.
What to read after The Theory of International Trade With Some of Its Applications to Economic Pol?
You can find similar books in the "Read Also" column, or choose other free books by Charles Francis Bastable to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
) that impediments to transfer reduced the gain from exchange ; but duties for the purpose of protection are avowedly impediments, and they must, therefore, have this effect. For the purpose of clearer examination, we divided duties (Chap. VII. ) into two classes the former, which aimed at getting revenue, might, under certain conditions, be made to fall on foreign countries, and might possibly be advisable ; but this peculiar application was so limited, that we were led to recognise the expedi...ency of using them with the single aim of THE RATIONALE OF FREE -TRADE. 131 getting a maximum return ; and when that object was realised, the gain to the revenue might counterbalance the loss to the exchangers. In the second class of duties which were used for " protection, " this element of gain was absent. The loss which results from the hindrance exactly resembles that inflicted by difficulty' of transport, and thus brings back no compensating advantage. It is here that the weakness of modern protectionism is most apparent ; every effort is made to remove natural obstacles to exchange, and then, strange to relate, many persons seek to establish arti- ficial ones to " protect " national industry.
What to read after The Theory of International Trade With Some of Its Applications to Economic Pol?
You can find similar books in the "Read Also" column, or choose other free books by Charles Francis Bastable to read onlineMoreLess
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