Free Trade, the Tariff And Reciprocity

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When duties of fifty, eighty, and one hundred per cent come to be looked upon as normal protectionist rates; when ingenious devices 148 Free Trade, the Tariff and Reciprocity and " jokers " are resorted to in order to bring about sucb high rates without its being made plain that this is the thing really aimed at and accomplished; when by the log-rolling process the policy comes to be applied indiscriminately to any and every article, without scrutiny of the possibility of ulti- mate cheapening ...or the promise of social or political gain — then it is time to call a halt, and to begin a process of thorough overhauling. This is the point of view not only of the teachers and trained students of economics, but, I feel sure, of the immense majority of cool-headed and sensible people in this country.
Adam Smith — an ardent though by no means unqualified free-trader — thought in 1776 that the adoption of a free- trade policy by Great Britain was quite beyond the bounds of possibility. Had Adam Smith lived to see what changes took place in the course of the century following, he would probably have said in 1876 that free trade would never be abandoned by any country which had once adopted it.


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