[Social legislation] raised the cost of production; and what can be more illogical than to raise the cost of production in the country and then to allow the products of other countries which are not surrounded by any similar legislation, which are free from any similar cost and expenditure-freely to enter our country in competition with our own goods...If these foreign goods come in cheaper, one of two things must follow...either you will take lower wages or you will lose your work.
About this quote
- What does it mean?
- Raising production costs via local legislation leads to unfair competition with foreign goods, resulting in lower wages or job losses.
- In plain terms
- Local regulations increase costs which harms domestic jobs against foreign goods.
- What can you take from it?
- Consider the economic impact of local regulations.
Where it applies
Putting it to work
Questions to consider
- Is fairness worth higher production costs?
- How do you balance labor and trade?
Another view
Labor protections may have long term benefits beyond immediate costs.
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