Commentary
In all the discussion of tariffs going on right now, one seldom hears mention of the “infant industry” argument. Yet for more than 200 years, this was considered the main argument in favor of tariffs. As the economics profession—and in general the whole world—has moved toward a position favoring free trade—for thee, not me—this concept that used to be emphasized in economics textbooks as the main and often only reasonable argument in favor of free trade has frequently been relegated to a brief mention.
