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August 28, 2007
On free(r) trade c. 1907
Yet another example of how dramatically different today's NYT is from that of the early 1900s: from the August 28, 1907 NYT: The comparison is made with the last full fiscal year before reciprocity. It shows that in these four years trade [with Cuba] has increased so that for every dollar's worth purchased by us in 1903 we now buy $1.50 worth, and for every dollar's worth sold we now sell $2.25 worth. Practically the total trade has doubled, and the variety in our sales to Cuba is increased much more than 100 per cent. What has been done on a small scale with this relatively unimportant market could be done on a larger scale all over the world if we had the sense to remove from our commerce the heavy handicaps we have stupidly loaded upon it. Posted by Craig Depken at 12:46 PM in Economics
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The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith
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