excalibur
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- Mar 19, 2015
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Of this, there is no dispute.
Alexander Hamilton was the architect, and the Founders deliberately put tariffs in the Constitution.
Abraham Lincoln favored strong tariffs.
Hamilton argued that despite an initial "increase of price" caused by regulations that control foreign competition, once a "domestic manufacture has attained to perfection... it invariably becomes cheaper".
In this report, Hamilton also proposed export bans on major raw materials, tariff reductions on industrial inputs, pricing and patenting of inventions, regulation of product standards and development of financial and transportation infrastructure. The U.S. Congress adopted the tariffs but refused to grant subsidies to manufactures. Hamilton shaped the pattern of American economic policy until the end of World War II, and his program created the conditions for rapid industrial development.
...
In the 19th century, statesmen such as Senator Henry Clay continued Hamilton's themes within the Whig Party under the name "American System" which consisted of protecting industries and developing infrastructure in explicit opposition to the "British system" of free trade.
...
Lincoln was a member of the protectionist Whig Party and a supporter of Henry Clay. In 1847, he declared: "Give us a protective tariff, and we shall have the greatest nation on earth". He implemented a 44-percent tariff during the Civil War—in part to pay for railroad subsidies and for the war effort, and to protect favored industries. Tariffs remained at this level even after the war, so that the North's victory in the Civil War allowed the U.S. to remain one of the largest users of tariff protection for industry.
...
According to economist Ha-Joon Chang, the protectionist period thus corresponded to the golden age of American industry, when US economic performance outstripped that of the rest of the world. They pursued an interventionist, protectionist policy to promote and protect their industries through tariffs. This would have enabled the United States to enjoy the fastest economic growth in the world throughout the 19th century, right up to the 1920s.
...
en.wikipedia.org
Alexander Hamilton was the architect, and the Founders deliberately put tariffs in the Constitution.
Abraham Lincoln favored strong tariffs.
Hamilton argued that despite an initial "increase of price" caused by regulations that control foreign competition, once a "domestic manufacture has attained to perfection... it invariably becomes cheaper".
In this report, Hamilton also proposed export bans on major raw materials, tariff reductions on industrial inputs, pricing and patenting of inventions, regulation of product standards and development of financial and transportation infrastructure. The U.S. Congress adopted the tariffs but refused to grant subsidies to manufactures. Hamilton shaped the pattern of American economic policy until the end of World War II, and his program created the conditions for rapid industrial development.
...
In the 19th century, statesmen such as Senator Henry Clay continued Hamilton's themes within the Whig Party under the name "American System" which consisted of protecting industries and developing infrastructure in explicit opposition to the "British system" of free trade.
...
Lincoln was a member of the protectionist Whig Party and a supporter of Henry Clay. In 1847, he declared: "Give us a protective tariff, and we shall have the greatest nation on earth". He implemented a 44-percent tariff during the Civil War—in part to pay for railroad subsidies and for the war effort, and to protect favored industries. Tariffs remained at this level even after the war, so that the North's victory in the Civil War allowed the U.S. to remain one of the largest users of tariff protection for industry.
...
According to economist Ha-Joon Chang, the protectionist period thus corresponded to the golden age of American industry, when US economic performance outstripped that of the rest of the world. They pursued an interventionist, protectionist policy to promote and protect their industries through tariffs. This would have enabled the United States to enjoy the fastest economic growth in the world throughout the 19th century, right up to the 1920s.
...
