Excerpt from Protection to Young Industries: As Applied in the United States a Study in Economy History
Of the arguments in favor of protection, none has been more frequently or more sincerely urged than that which is formulated in the phrase "Protection to young industries." None has received so generally the approval of economists, even of those little disposed to acknowledge the validity of any reasoning not in accordance with the theory of free exchange. Mr. Mill gave it the weight of his approval in a passage which has been frequently cited. Later English writers have followed him in granting its intrinsic soundness. The reasoning of the greatest German protectionist writer, List, is based, so far as it is purely economic, on this argument; and since List's time the argument has taken an established place in German treatises on political economy.
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