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Chapter 45 of 55 · Protectionism: the -ism which teaches that waste makes wealth by William Graham Sumner

(O.): That protection brings into employment labor and capital which would otherwise be idle.

225 words · All 55 chapters

133. If there is any labor or capital which is idle that fact is a symptom of industrial disease; especially is this true in the United States. If a laborer is idle he is in danger of starving to death. If capital is idle it is producing nothing to its owner, who depends on it, and is suffering loss. Therefore, if labor or capital is idle, some antecedent error or folly must have produced a stoppage in the industrial organization. The cure is, not to lay some more taxes, but to find the error and correct Edition: current; Page: [141] it. If then things are in their normal and healthy condition, the labor and capital of the country are employed as far as possible under the existing organization. We are constantly trying to improve our exchange and credit systems so as to keep all our capital all the time employed. Such improvements are important and valuable, but to make them costs more thought and skillful labor than to invent machines. Hence Congress can not do that work by discharging a volley of taxes at selected articles, and leaving those taxes to find out the proper points to affect, and to exert the proper influence. It takes intelligent and hard working men to do it. The faith that any thing else can do it is superstition.

Protectionism: the -ism which teaches that waste makes wealth

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