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Date: | Fri Mar 31 17:18:35 2006 |
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----------------- HES POSTING -----------------
The theory of exchange, that is, comparative advantage, and the Specie Flow
Mechanism, are short, or at most, medium run propositions. There have
always been very long run development theories to justify tariffs:
Hamilton, in the United States in the late eighteenth century; Carey in the
United States at mid nineteenth century; List in Germany, also at mid
nineteenth century; and John Rae, wherever you want to locate him, in the
early nineteenth century.
And there was also the need for revenue as government activity increased,
and income and sales taxes were still either administratively or
politically non-feasible.
Robin Neill
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