28 March 2012

He Said It: Macaulay

Another quote from the great Thomas Babington (Lord) Macaulay, from an 1845 speech:
"It is not one single cause that makes nations either prosperous or miserable. No friend of free trade is such an idiot as to say that free trade is the only valuable thing in the world; that religion, government, police, education, the administration of justice, public expenditure, foreign relations, have nothing whatever to do with the well-being of nations."
[Quoted in Douglas A. Irwin, Free Trade Under Fire, 3rd. ed. (Princeton, 2009), 69. I had the pleasure of hearing Professor Irwin give a talk yesterday.]

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