Red Tape vs. Inflation
Mary A. Yeager, in The Journal of Economic History (Mar. 1980), Eleutherian Mills
Historical Library, P.O. Box 3630, Wil-
mington, Del. 19807.
Trade protection is commonly viewed as a crutch that governments occasionally hand to faltering domestic industries. Yeager, a UCLA his- torian, argues that tariffs and import quotas have supported the world's steel industries for so long that protection itself has become a key ingredient in steelmaking...