Adam Smith, 1, 8, 18, 20.

Aristotle, 3, 47.

Austrian School, 5, 27, 30, 55, 85.

Böhm-Bawerk, 7, 32, 37, 40, 45, 47, 55, 60, 61.

Complementary goods, 42.

Consumption goods, 68.

Cost of production, 67; conduction of value from marginal products to, 74; from, to products, 78.

Demand Side of the Theory of Value, Appendix II., 91.

Desirable and desired, 10, 11.

THE RETURN TO PROTECTION

By the Same Author.

STUDIES IN ECONOMICS.

CROWN 8VO. NET 8S. 6D.

THE

DISTRIBUTION OF INCOME.

CROWN 8VO. NET 5s.

______

MACMILLAN AND CO., LIMITED.

THE RETURN TO PROTECTION

BY

WILLIAM SMART

M.A., D.PHIL., LL.D.; ADAM SMITH PROFESSOR OF POLITICAL ECONOMY
IN THE UNIVERSITY OF GLASGOW

“In every country it always is and must be the interest of the great body of the people to buy whatever they want of those who sell it cheapest.”—ADAM SMITH.

London

MACMILLAN AND CO., LIMITED

NEW YORK: THE MACMILLAN COMPANY

1904

All rights reserved

GLASGOW: PRINTED AT THE UNIVERSITY PRESS
BY ROBERT MACLEHOSE AND CO. LTD.

To my wife

THIS book is based on a series of lectures delivered to popular audiences in Glasgow and Edinburgh during February and March of the present year. I had no thought or intention of publishing them, and I have done so only in deference to the many friends and hearers who urged it on me.

All Trade, home or foreign, is an exchange of goods. In modern societies, the real co-operation of producers to serve each other as consumers takes the form of competition with each other. But, in home trade, the competition is most prominent; in foreign trade, the co-operation.

IT is impossible to come to a fair judgment on the comparative merits of Free Trade and Protection without understanding, not only how trade between nations is carried on, but what all trade essentially is.