"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." ~ H.L. Mencken
In Defense of Smugglers: The "Judicious Reformers"
Submitted by Don Stacy on Tue, 2011-09-27 01:00
in
"Protectionism is one of the oldest fallacies economists have had to battle. The idea has its roots in mercantilist thinking. In its simplest form mercantilism states that wealth is money. Thus foreign trade is bad because imports cause wealth, that is, money, to leave the country. Further, buying foreign goods means that domestic producers lose out on business."
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