Adam Smith was strongly opposed to protectionism, which was a prime example of the unfair economic privileges he opposed. The Wealth of Nations includes a chapter entitled “Of Restraints upon the Importation from Foreign Countries of such Goods as can be Produced at Home. read more
Wilson, like Smith, realised that trade was a two way exchange. Countries needed to “increase imports to increase exports” to boost economic growth. Consumers, Smith argued in the Wealth of Nations, should buy products from where they were cheapest. All protection did was create monopolies, which were “a great enemy to good management”. read more
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