Protection v. Freetrade.

South Canterbury Times, Issue 4984, 17 April 1889, Page 3

Protection v. Freetrade.

A CHANGE OF WIND. Freetraders will have to brush up their reading again when the last representative of English economics, holding an authoritative position at Homo, is found to be directly opposed to their views. Professor Sedge wick, in his “ Principles of Political Economy,” which is the most recent and important treatise on the subject, says : “ Regarded from tho statesman’s point of view in relation to the circumstances of a particular country at a particular time, the question of Governmental interserence by means of import duties for the protection of native industry is one of much complexity and intricacy, requiring a precise ascertainment of facts and a careful forecast of political as well as economic consequences. But the general economic reasonings are not, I conceive, open to much dispute if only they are stated with due caution ; and it seems to me the more desirable that they should bo clearly appre? bended, because \yhat may be called the ordinary ‘ moderate’ view on the subject held by practical persons who wish to avoid both extremes, is in my opinion, a curious inversion of the truth at least on the practical issue most commonly raised. The moderate view is that all Prelection is theoretically wrong so far as purely economic considerations | are concerned, but that practically a little Protection here and there does more good than harm to industry, owing to influences which abstract theory overlooks. I hold, on the contrary, that when the matter is considered from the point of view of abstract theory, it is easy to show that protection under certain, not improbable circumstances would yield a direct economic gain to the Protecting country. . . What a statesman is unusually called on to consider is temporary Protection in tho i nterest of a particular nation, and to affirm sweopingly I that this is * opposed to sound economic doctrine ’ appears to me a complete and palpable error.”