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Walt Whitman on protectionism
The protectionists are fond of flashing to the public eye the glittering delusion of great money -- results from manufactures, mines, artificial exports -- so many millions from this source, and so many from that -- such a seductive, unanswerable show -- an immense revenue of cash from iron, cotton, woollen, leather goods, and a hundred other things, all bolstered up "protection". But the really important point of all is, into whose pockets does this plunder go?...The profits of "protection" go altogether to a few score select persons--who, by favors of Congress, State legislatures, the banks, and other special advantages, are forming a vulgar aristocracy full as bad as anything in the British and European castes, of blood, or the dynasties there of the past...
That is from p.332 of Specimen Days & Collect, Dover edition. Thanks to Michael Gibson for the pointer.
Posted by Tyler Cowen on December 31, 2006 at 05:33 AM in Economics, History | Permalink
Comments
Much the same could be said about many other forms of government regulation on the one hand, and about XIX-century style freewheeling robber-capitalism on the other.
Posted by: A Tykhyy at Dec 31, 2006 3:21:49 PM
"XIX-century style freewheeling robber-capitalism "
That may or may not be true - but have you considered how much of your belief in that is myth versus reality? They taught me in school that Rockefeller and Carnegie were evil plunderers, but they have done more good for America than all government programs combined.
Try looking at Burt Folsom's work for a counterpoint.It made me reconsider some previously strongly held beliefs.
Posted by: Mike at Jan 1, 2007 9:52:52 AM
Whitman's point is a good one, and one that probably escaped the quoter: that the protectionism which benefits the owners of huge industry is just as bad as the 'free trade' that benefits the owners of other huge industries; the only way to live up to America's radical potential is to construct a political economy (probably, in his case, a nation of small-holding petty-bougeois -- a far cry from 20th century state socialism) where the 'immense revenue of cash' flows broadly.
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