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Free trade is the policy of fading and failing powers, past their prime. In the half-century following passage of the Corn Laws, the British showed the folly of free trade. They began the second half of the 19th century with an economy twice that of the USA and ended it with an economy half of ours, and equaled by a Germany, which had, under Bismarck, adopted what was known as the American System. Of the nations that have risen to economic preeminence in recent centuries—the British before 1850, the United States between 1789 and 1914, post-war Japan, China in recent decades—how many did so through free trade? None. All practiced economic nationalism. (en) |
