 Bertrand Russell Quotes 366 |
It was the German economist List who first (in 1841) provided a theoretical defence of protectionism. This was the famous "infant industries" argument. Take, say, steel. It may be that a country is well suited by nature to the development of a great steel industry, but that, owing to foreign competition, the initial expenses are prohibitive, unless government assistance is obtainable. This situation existed in Germany when List wrote and for some time after that. But experience has shown that protection, once granted, cannot be withdrawn even when the infant has grown into a giant.
Source: Freedom and Organization, 1934, cjhapter 14, p.165
More info.: https://russell-j.com/cool/FO_1934.pdf