Economics (Volume 2) (Paperback)

Book may have numerous typos, missing text, images, or index. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. 1916. Excerpt: ... CHAPTER 15 AMERICAN TARIFF HISTORY 1. Prevalence of protective tariffs. 2. Specific and ad valorem rates. 3. Some technical features of the tariff. 4. The tariff, 17891815. J 5. The tariff, 1816-1845. 6. The tariff, 1846-1860. 7. The tariff, 1861-1871. 8. The tariff, 1872-1889. 9. The tariff, 18901896. 10. The Dingley tariff, 1897-1909. 11. Sentiment favoring lower rates. 12. The Payne-Aldrich tariff, 1909-1913. 13. The Underwood tariff, 1913. 14. Some lessons from our tariff history. Note on Tariff legislation and business depressions. 1. Prevalence of protective tariffs. For a century and a half most serious students of economics have favored a larger measure of freedom, if not absolute freedom, in foreign trade. But the actual practice of most nations has never been in accord with the principles laid down by the philosophers. Great Britain alone among the larger countries has, since 1846, steadily pursued a low tariff policy for revenue only, and her example has been most nearly followed by Holland and Denmark. Germany, which had always had restrictive duties, adopted still more protective measures under Bismarck in 1879. France, Italy, and most of the other nations of Europe have strong protective tariffs. The United States has followed a restrictive policy since near the beginning of the last century. The explanation of this contradiction between precept and practice is not entirely simple. Great interests are affected by foreign trade and certain of these interests are able to influence opinion and to dominate legislation. Free trade is not the most desirable thing for every one. The general policy of free trade between nations, as advocated by most English economists since Adam S...