Illustrations of Political Economy, Volume 25

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Page 107 - That the prevailing prejudices in favour of the protective or restrictive system'may be traced to the erroneous supposition that every importation of foreign commodities occasions a diminution or discouragement of our own productions to the same extent ; whereas it may be clearly shown, that, although the particular description of production which could not stand against unrestrained foreign competition would be discouraged, yet, as no importation could be continued for any length of time without...
Page 107 - ... could not stand against unrestrained foreign competition would be discouraged, yet as no importation could be continued for any length of time, without a corresponding exportation, direct or indirect, there would be an encouragement, for the purpose of that exportation, of some other production to which our situation might be better suited ; thus affording at least an equal, and probably a greater, and certainly a more beneficial employment to our own capital and labour.
Page 109 - That although, as a matter of mere diplomacy, it may sometimes answer to hold out the removal of particular prohibitions or high duties, as depending upon corresponding concessions by other states in our favour, it does not follow that we should maintain our restrictions in cases where the desired concessions on their part cannot be obtained; our restrictions would not be the less prejudicial to our own capital and industry because other governments! persisted in pursuing impolitic regulations.
Page 108 - That among the other evils of the restrictive or protective system, not the least is, that the artificial protection of one branch of industry, or source of production, against foreign competition, is set up as a ground of claim by other branches for...
Page 107 - That of the numerous protective and prohibitory duties of our commercial code, it may be proved, that while all operate as a very heavy tax on the community at large, very few are of any ultimate benefit to the classes in whose favour they were originally instituted, and none to the extent of the loss occasioned by them to other classes.
Page 106 - That freedom from restraint is calculated to give the utmost extension to foreign trade, and the best direction to the capital and industry of the country.
Page 107 - ... trying to exclude the productions of other countries, with the specious and well-meant design of encouraging its own productions : thus inflicting on the bulk of its subjects, who are consumers, the necessity of submitting to privations in the quantity or quality of commodities ; and thus rendering what ought to be the source of mutual benefit and of harmony among states, a constantly recurring occasion of jealousy and hostility.
Page 110 - ... objectionable be suggested. But it is against every restrictive regulation of trade, not essential to the revenue, against all duties merely protective from foreign...
Page 106 - That, unfortunately, a policy the very reverse of this has been, and is, more or less, adopted and acted upon by the government of this and of every other country, each trying to exclude the productions of other countries, with the specious and well-meant design of encouraging its own productions ; thus inflicting on the bulk of its subjects, who are consumers, the necessity of submitting to privations in the quantity or quality of commodities...
Page 113 - Your good fortune has been small : you arrived at the gates of the imperial house, and were unable to lift your eyes to the face of Heaven (the Emperor).

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