Note 575 — Chapter XXV

There are important dynamic and "frictional" considerations opposed to protective tariffs, as well as static considerations. Very many of the "intangibles" later to be discussed depend on free trade. A high percentage of England's "capital" would be destroyed by protective tariffs and trade restrictions, and to a less degree this is true of all countries. Vide N. Y. Times Sunday magazine, Dec. 10, 1916, pp. 10-11.