Frank William Taussig starts The Tariff History of the United States by explaining the only protectionist argument accepted by some economists was the protection of young industries. This is commonly called the “infant-industry argument.” The goal is to temporarily protect young industries until they’re able to compete with foreign producers.
He argues that even if the infant-industry argument could be theoretically defensible under some conditions, that wasn’t the primarily concern. Tariff protection could very soon turn into a way for domestic producers (mainly manufacturers, but also some farmers and mining companies) to increase their profits.
Taussig believed that all these protectionist laws did not have as much economic impact as many people thought. The general economic progress and entrepreneurial ingenuity played a much bigger role.
This book is an economic history that reviews the evolution of tariffs imposed by the U.S. government up to the Tariff Act in 1913.
