"Behind a tariff wall built by Washington, Hamilton, Clay, Lincoln, and the Republican presidents who followed, the United States had gone from an agrarian coastal republic to become the greatest industrial power the world had ever seen -- in a single century. Such was the success of the policy called protectionism that is so disparaged today." - Buchanan on the history of U.S. protectionism: Historical Perspectives on U.S. Trade Policy The recent debate …
showed first 75 words of 3149 total

showed last 75 words of 3149 total
…and high labor to output ratio i.e. high voter strength are more likely to ask for and get protectionism. Therefore, it can be argued that protectionism favors localized low-income groups. * Oligopolistic industries find it easier to get protectionism because they can lobby together as a group. * A lower education level makes a voter more predisposed to vote for protectionist legislation. * Unemployment tends to foster higher tariffs and protectionism whereas inflation tends to lower them.