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Updated: June 22, 2025
His essay on America, published in 1835, pointed out that British policy should be more concerned with economic relations with America than with European politics. As Professor Dunning says, "Cobden made the United States the text of his earliest sermon against militarism and protectionism."
Official INACTION is as conducive to the inflation of financial bubbles as is official ACTION. By refusing to restructure the banking system, to introduce appropriate bankruptcy procedures, corporate transparency and good corporate governance, by engaging in protectionism and isolationism, by avoiding the implementation of anti competition legislation many countries have fostered the vacuum within which financial crises breed.
As some nations are tempted to turn to protectionism, our strategy cannot be to follow them, but to lead the way toward freer trade. To this end, in May of this year America will host an economic summit meeting in Williamsburg, Virginia. As we begin our third year, we have put in place a defense program that redeems the neglect of the past decade.
I. I deny that my philosophy is "essentially idealistic," or that any "careful" or conscientious scholar could possibly affirm it to be such. II. I deny that I "borrowed" my realistic theory of universals from the idealist, Hegel, whether consciously or unconsciously. The charge is unspeakably silly. Realism and idealism contradict each other more absolutely than protectionism and free-trade.
Charlotte Corday was surely a lunatic. Wilkes Booth I knew. He was drunk, had been drunk all that winter, completely muddled and perverted by brandy, the inheritant of mad blood. Czolgosz, the slayer of McKinley, and the assassin of the Empress Elizabeth were clearly insane. McKinley and Protectionism, Cleveland, Carlisle and Free Trade how far away they seem!
We will work to expand our opportunities in international markets through the Uruguay round of trade negotiations and to complete an historic free trade arrangement between the world's two largest trading partners, Canada and the United States. Our basic trade policy remains the same: We remain opposed as ever to protectionism, because America's growth and future depend on trade.
Luckily, in this last decade, the economic cake tended to grow and the sum of zero sum games was more welfare to all involved. They are not likely to do so forever. But their governments have assimilated the lessons of the 1930s. Protectionism is bad for everyone involved especially for economic engines.
Superficially, the debate revolved around the scientific rigor and usefulness or lack thereof of the "Washington Consensus". Opposing monetary and fiscal policies, free trade versus protectionism, capital controls and convertibility these occupied the minds and writings of all manner of economic and development "experts" in the first decade after the fall of the Berlin Wall.
With little discussion and as a matter of course, the two democracies, in the closing years of a full century of peace, thus made provision for the sane and friendly settlement of future line-fence disputes. The chief barrier to good relations was the customs tariff. Protectionism, and the attitude of which it was born and which it bred in turn, was still firmly entrenched in both countries.
He deplored the protectionism of the colonies, but was himself a strict free-trader of the school of Cobden, and utterly opposed to any attempt to negotiate treaties with the colonies on a basis of preferential tariffs.
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