Quotation of the Day…

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… is from page 432 of Phil Magness’s new paper “Old Lessons for the New Protectionists,” which is a chapter in the collection Free Trade in the Twenty-First Century (edited by Max Rangeley & Daniel Hannan, 2025) (link added):

These economic nationalists spin an unambiguously false historical narrative wherein the United States’ industrial growth in the nineteenth century is causally attributed to protective tariffs. This argument falls apart under scrutiny, as non-traded sectors of the economy generally matched or exceeded the growth seen in import-competing industries with tariff protection (Irwin 2000).

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