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Geopolitical instability, resurgent trade protectionism, dysfunctional global capital markets and banks can all reverse the course of a successful transition to market economies. Still, the more pernicious threats are from the inside: venal, delegitimized politicians, brain drain, crumbling infrastructure, cheap foreign competition, or inter-ethnic tensions.

This was a clever choice: McKinley was known to the public largely as the author of the McKinley tariff bill; his protectionism pleased the East; and what was known of his attitude on the currency question did not offend the West. In Congress he had voted for the Bland-Allison bill and had advocated the freer use of silver.

I do not speak of the vast contribution which, from year to year, through the operations of a colossal trade, each makes to the wealth and comfort of the other; nor of the friendly controversy, which in its own place it might be well to raise, between the leanings of America to Protectionism, and the more daring reliance of the old country upon free and unrestricted intercourse with all the world.

We need a stronger and simpler approach to the process of making and implementing trade policy, and we'll be studying potential changes in that process in the next few weeks. We've seen the benefits of free trade and lived through the disasters of protectionism.

They could no longer be defended, as against Canada, by the arguments now used, and as a piece of pure protectionism there would be no reason for Great Britain to give them a separate fiscal entity. And if the hopes of Irish agriculture would be severely checked, still more would that be true of those hopes of new industries already referred to.

We need a stronger and simpler approach to the process of making and implementing trade policy, and we'll be studying potential changes in that process in the next few weeks. We've seen the benefits of free trade and lived through the disasters of protectionism.

But already the new economic thought, which regarded competition and reciprocal trade as the ideal, instead of legal discriminations and universal protectionism, was gaining ground, as England became more and more the manufacturing centre of the world.

A creative, competitive America is the answer to a changing world, not trade wars that would close doors, create greater barriers, and destroy millions of jobs. We should always remember: Protectionism is destructionism. America's jobs, America's growth, America's future depend on trade trade that is free, open, and fair.

Most proposals on the table are the initiatives of the United States, including those on food, energy, technology, trade, investment, and commodities. We are well launched on this process of shaping positive and reliable economic relations between rich nations and poor nations over the long term. We have made progress in trade negotiations and avoided protectionism during recession.

The development of the industries is a matter of great moment to the Empire, and the popular leanings towards Protectionism ought to engage the sympathy of Government.