Many of the earliest books, particularly those dating back to the 1900s and before, are now extremely scarce and increasingly expensive. We are republishing these classic works in affordable, high quality, modern editions, using the original text and artwork.
Product dimensions: 5.50 (w) x 8.50 (h) x 0.51 (d)
Read an Excerpt
CHAPTER III. FREE TRADE AND RECIPROCITY. Nothing perhaps is so likely to conduce to a just appreciation of the injury which is inflicted by protection, as to show that the economic advantages which are produced by free trade are the same, whether the exchange of commodities is between different countries, or between different parts of the same country. If we inquire what are the benefits which the people of England, for example, derive from trading without let or hindrance among themselves, we at once see that some product can be raised in one locality which cannot be raised in another, and some commodities can be produced under much more favourable circumstances, and therefore much more cheaply, in one district than in another. Even in a country comparatively so small as England, there are so many varieties of climate and soil that various fruits and vegetables which flourish in the south, will scarcely grow at all in the north. Again, the mineral resources of a country are usually not spread over its entire area, but are confined to particular localities. In many English counties, there never has been, and there probably never will be, a single ton of coal, of copper, or of iron produced. The people, therefore, of each locality gain two distinct advantages by freely exchanging their own commodities for those which are produced in other parts of the country In the first place, various articles are thus obtained which could not otherwise be procured ;and in the second place, various other articles are obtained more cheaply than they could be produced in the locality itself. If there were no trade between a county like Kent, which possesses no coal, and the coal-producing countiessuch as Northumberland or Durham, it is evident that the people of Kent would have to do without...