Complete free trade is not politically feasible. Why? Because it's only in the general interest and in no one's special interest. The benefits of a tariff are visible. [Union workers] can see they are 'protected'. The harm which a tariff does is invisible. It's spread widely. There are people that don't have jobs because of tariffs but they don't know it.
About this quote
- What does it mean?
- Free trade is hard to implement because its benefits are spread out while tariffs protect visible groups.
- In plain terms
- Tariffs help visible groups while harming invisible ones widely.
- What can you take from it?
- Free trade lacks political power because harms are hidden.
Where it applies
Putting it to work
Questions to consider
- Why is protectionism popular?
- Who loses from free trade?
Another view
Protectionism can sometimes preserve industries.
More from Milton Friedman
Everywhere, and at all times, economic progress has meant far more to the poor than to the rich.
Permalink to quote #45 Corruption is government intrusion into market efficiencies in the form of regulations.
Permalink to quote #47 If you pay people not to work and tax them when they do, don't be surprised if you get unemployment.
Permalink to quote #44
Related quotes
We make no hypocritical pretense of being interested in the Philippines solely on account of others. While we regard the welfare of these people as a sacred tr…
Henry Cabot LodgeHenry Cabot Lodge quote #2 One can see the results of those policies in hundreds of communities around my State. As one might expect, our largest communities--places like Milwaukee, Madi…
Russ FeingoldRuss Feingold quote #19 Ricardo's 'science' was founded on the principle that capital is more or less immobile and labor highly mobile. We are enjoined today to worship the consequenc…
Noam ChomskyNoam Chomsky quote #26