Umair Haque / Bubblegeneration
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Design principles for 21st century companies, markets, and economies. Foreword by Gary Hamel. Coming January 4th. Pre-order at Amazon.

Tuesday, June 07, 2005

Tariffs, Wars, and the Economics of Protection:Lessons from the History of American Textile

"The fierce tariff struggles of 19th century America illuminate the important role trade policy could play in determining the course of history. And as a major player in the protectionist movement, the textile industry was more than knee-deep in the controversy.

This paper is organized into two main parts, the first of which provides a brief review of the development of textile protection during the 19th century, and its role in shaping the period�s political turmoil which culminated in the War Between the States. The second part of this paper seeks to unravel the causes behind Southern hostility against the protective tariff through the lens of Austrian economics, with particular emphasis on its subjective theory of value. The protectionist doctrine, which enforcement is herein argued to be Lincoln�s true motivation for war, is further examined from the standpoint of natural rights theory."

This was a fascinating economic history lesson for me. Also, there's an interesting application of the Austrian subjective value theory to defend free trade on moral grounds based upon the sanctity of fundamental human freedoms. Highly recommended reading for the anti-globalization brigade.

It's amazing to see how the economic drivers of textile industry have remained constant over centuries. History continues to repeat itself:

United Textile/Fiber Industry Seeks China Safeguard Action

-- Mahashunyam // 7:28 PM // 0 comments


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