What can we say about protectionism?4 reading minutes

Often denounced as the natural enemy of prosperity, protectionism lends itself to caricature. When taken seriously, however, it raises some interesting questions for free-trade orthodoxy.

We can't talk about mercantilism without talking about protectionism. From its very beginnings, what we now call mercantilism has revolved around the desire of states to control trade flows, accumulate precious metals and bolster their military might. Protectionism is its practical expression: customs barriers, trade monopolies, import restrictions. However, to reduce protectionism to a simple archaic survival, opposed to rational free trade, would be too simplistic a reading.

The debate really took hold in the 19th century, when the free-enterprising