Clashing Over Commerce
Clashing Over Commerce

Author: Douglas A. Irwin

Publisher: University of Chicago Press

Published: 2017-11-29

Total Pages: 873

ISBN-13: 022639901X

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A Foreign Affairs Best Book of the Year: “Tells the history of American trade policy . . . [A] grand narrative [that] also debunks trade-policy myths.” —Economist Should the United States be open to commerce with other countries, or should it protect domestic industries from foreign competition? This question has been the source of bitter political conflict throughout American history. Such conflict was inevitable, James Madison argued in the Federalist Papers, because trade policy involves clashing economic interests. The struggle between the winners and losers from trade has always been fierce because dollars and jobs are at stake: depending on what policy is chosen, some industries, farmers, and workers will prosper, while others will suffer. Douglas A. Irwin’s Clashing over Commerce is the most authoritative and comprehensive history of US trade policy to date, offering a clear picture of the various economic and political forces that have shaped it. From the start, trade policy divided the nation—first when Thomas Jefferson declared an embargo on all foreign trade and then when South Carolina threatened to secede from the Union over excessive taxes on imports. The Civil War saw a shift toward protectionism, which then came under constant political attack. Then, controversy over the Smoot-Hawley tariff during the Great Depression led to a policy shift toward freer trade, involving trade agreements that eventually produced the World Trade Organization. Irwin makes sense of this turbulent history by showing how different economic interests tend to be grouped geographically, meaning that every proposed policy change found ready champions and opponents in Congress. Deeply researched and rich with insight and detail, Clashing over Commerce provides valuable and enduring insights into US trade policy past and present. “Combines scholarly analysis with a historian’s eye for trends and colorful details . . . readable and illuminating, for the trade expert and for all Americans wanting a deeper understanding of America’s evolving role in the global economy.” —National Review “Magisterial.” —Foreign Affairs

Olive Branch and Sword
Olive Branch and Sword

Author: Merrill D. Peterson

Publisher: LSU Press

Published: 1999-03-01

Total Pages: 152

ISBN-13: 9780807124970

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Dominated by the personalities of three towering figures of the nation's middle period -- Henry Clay, John C. Calhoun, and President Andrew Jackson -- Olive Branch and Sword: The Compromise of 1833 tells of the political and rhetorical dueling that brought about the Compromise of 1833, resolving the crisis of the Union caused by South Carolina's nullification of the protective tariff.In 1832 South Carolina's John C. Calhoun denounced the entire protectionist system as unconstitutional, unequal, and founded on selfish sectional interests. Opposing him was Henry Clay, the Kentucky senator and champion of the protectionists. Both Calhoun and Clay had presidential ambitions, and neither could agree on any issue save their common opposition to President Jackson, who seemed to favor a military solution to the South Carolina problem. It was only when Clay, after the most complicated maneuverings, produced the Compromise of 1833 that he, Calhoun, and Jackson could agree to coexist peaceably within the Union.The compromise consisted of two key parts. The Compromise Tariff, written by Clay and approved by Calhoun, provided for the gradual reduction of duties to the revenue level of 20 percent. The Force Bill, enacted at the request of President Jackson, authorized the use of military force, if necessary, to put down nullification in South Carolina. The two acts became, respectively, the olive branch and the sword of the compromise that preserved the peace, the Union, and the Constitution in 1833.A careful study of what has become a neglected event in American political history, Merrill D. Peterson's work spans a period of over thirty years -- sketching the background of national policy out of which nullification arose, detailing the explosive events of 1832 and 1833, and then tracing the consequences of the compromise through the dozen or so years that it remained in public controversy. Considering as well the larger question of decision making and policy making in the Jacksonian republic, Peterson nonetheless never loses sight of the crucial role played by the ambitions, whims, and passions of such men as Calhoun, Clay, and Jackson in determining the course of history.

Peddling Protectionism
Peddling Protectionism

Author: Douglas A. Irwin

Publisher: Princeton University Press

Published: 2017-10-24

Total Pages: 265

ISBN-13: 1400888425

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A history of America's most infamous tariff The Smoot-Hawley tariff of 1930, which raised U.S. duties on hundreds of imported goods to record levels, is America's most infamous trade law. It is often associated with—and sometimes blamed for—the onset of the Great Depression, the collapse of world trade, and the global spread of protectionism in the 1930s. Even today, the ghosts of congressmen Reed Smoot and Willis Hawley haunt anyone arguing for higher trade barriers; almost single-handedly, they made protectionism an insult rather than a compliment. In Peddling Protectionism, Douglas Irwin provides the first comprehensive history of the causes and effects of this notorious measure, explaining why it largely deserves its reputation for combining bad politics and bad economics and harming the U.S. and world economies during the Depression. In four brief, clear chapters, Irwin presents an authoritative account of the politics behind Smoot-Hawley, its economic consequences, the foreign reaction it provoked, and its aftermath and legacy. Starting as a Republican ploy to win the farm vote in the 1928 election by increasing duties on agricultural imports, the tariff quickly grew into a logrolling, pork barrel free-for-all in which duties were increased all around, regardless of the interests of consumers and exporters. After Herbert Hoover signed the bill, U.S. imports fell sharply and other countries retaliated by increasing tariffs on American goods, leading U.S. exports to shrivel as well. While Smoot-Hawley was hardly responsible for the Great Depression, Irwin argues, it contributed to a decline in world trade and provoked discrimination against U.S. exports that lasted decades. Peddling Protectionism tells a fascinating story filled with valuable lessons for trade policy today.

Henry Clay the Lawyer
Henry Clay the Lawyer

Author: Maurice Glen Baxter

Publisher: University Press of Kentucky

Published:

Total Pages: 164

ISBN-13: 9780813129105

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Though he was best known as a politician, Henry Clay (1777-1852) maintained an active legal practice for more than fifty years. He was a leading contributor both to the early development of the U.S. legal system and to the interaction between law and politics in pre-Civil War America. During the years of Clay's practice, modern American law was taking shape, building on the English experience but working out the new rules and precedents that a changing and growing society required. Clay specialized in property law, a natural choice at a time of entangled land claims, ill-defined boundaries, and inadequate state and federal procedures. He argued many precedent-setting cases, some of them before the U.S. Supreme Court. Maurice Baxter contends that Clay's extensive legal work in this area greatly influenced his political stances on various land policy issues. During Clay's lifetime, property law also included questions pertaining to slavery. With Daniel Webster, he handled a very significant constitutional case concerning the interstate slave trade. Baxter provides an overview of the federal and state court systems of Clay's time. After addressing Clay's early legal career, he focuses on Clay's interest in banking issues, land-related economic matters, and the slave trade. The portrait of Clay that emerges from this inquiry shows a skilled lawyer who was deeply involved with the central legal and economic issues of his day.

Introduction to Business
Introduction to Business

Author: Lawrence J. Gitman

Publisher:

Published: 2024-09-16

Total Pages: 1455

ISBN-13:

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Introduction to Business covers the scope and sequence of most introductory business courses. The book provides detailed explanations in the context of core themes such as customer satisfaction, ethics, entrepreneurship, global business, and managing change. Introduction to Business includes hundreds of current business examples from a range of industries and geographic locations, which feature a variety of individuals. The outcome is a balanced approach to the theory and application of business concepts, with attention to the knowledge and skills necessary for student success in this course and beyond. This is an adaptation of Introduction to Business by OpenStax. You can access the textbook as pdf for free at openstax.org. Minor editorial changes were made to ensure a better ebook reading experience. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution 4.0 International License.

The Protective Tariff in Canada's Development
The Protective Tariff in Canada's Development

Author: J.H. Dales

Publisher: University of Toronto Press

Published: 1966-12-15

Total Pages: 213

ISBN-13: 1442638001

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Canadian historians have always looks favourably on Macdonald's national policies, including the protective tariff. On the other hand, the canons of economic theory have little or nothing to say in favour of protection. Professor Dales attempts in these essays to bridge this gap between trade theory and the standard interpretation of Canadian development. In the first three essays he is concerned with relaxing the rigorous assumptions of labour and capital immobility that characterize theoretical writings on international trade in order to make them more applicable to Canada, for it must be recognized that large movements of labour and capital both into and out of the country have been one of the most important features of the Canadian economy today. The next three chapters discuss the probable historical effects of Canadian protection in the light of the modified theory. Professor Dales makes statistical comparisons between the economic development of Canada and the United States in order to identify the main differences between the patterns of economic growth in the two countries and to throw light on the large and persistent gap between the Canadian and American standards of living. The last two essays are in the nature of provocative "squibs" designed to break up some of the hard-core conventional wisdom about the Canadian economy. Although free trade versus protection has long been a dormant issue in policy discussions, it never quite disappears from the scene. Professor Dales persists in thinking that free trade—with all countries and unilaterally if necessary—is the best policy for Canada. The controversial issues raised by these essays are of the highest importance not only to historians and economists but to all in any way concerned with the public policies of this country. The book focuses our attention on a basic antinomy of Canadian life and thought that has been little recognized and by its stimulating analysis will help to form the shape of our continuing "nation-alysis."

The Life and Times of Francis Cabot Lowell, 1775–1817
The Life and Times of Francis Cabot Lowell, 1775–1817

Author: Chaim M. Rosenberg

Publisher: Lexington Books

Published: 2010-12-16

Total Pages: 368

ISBN-13: 0739146858

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After the Revolutionary War, despite political independence, the United States still relied on other countries for manufactured goods. Francis Cabot Lowell was one of the principal investors in building the India Wharf and the shops and warehouses close to Boston harbor. His work was instrumental in establishing domestic industry for the United States and brought the Industrial Revolution to the United States. From 1810 to the start of the War of 1812, he traveled through Great Britain, where he saw the tremendous changes caused by the Industrial Revolution, starting with cotton textiles. On his return to the United States he focused on establishing a domestic textile industry to replace imported goods. With his brother-in-law, Patrick Tracy Jackson, he built the Boston Manufacturing Company at Waltham-America's first integrated mill. With his star mechanic, Paul Moody, he developed a power loom and other machines suitable for local conditions. The Life and Times of Francis Cabot Lowell, 1775-1817 tells the story of this amazing man and the great success of the Boston Manufacturing Company, which spurred the American industrial revolution. Francis Cabot Lowell's method-a detailed investment plan, cheap raw materials and power, a motivated labor force, a sound marketing plan, and, above all, modern technology-became the standard for the American factory of the nineteenth century. When Francis Cabot Lowell died, his associates established America's first industrial city, and named it Lowell in his honor.