Bastable, C.F.

Bastable, C.F. The Theory of International Trade. 1897, etc. Macmillan. 197 pp.

This short book, which first appeared in 1897, long held the field as the standard exposition of the "classical" theory of foreign trade and policy. It is balanced, vigorous and lucid, and uncompromisingly defends freedom of trade. Bastable's "principle conclusion as to conduct" is that "Governments in their dealings with foreign trade should be guided by the much-vilified maxim of laissez faire. To avoid misinterpretation, let it be remembered that the precept rests on no theory of abstract right, or vague sentiment of cosmopolitanism, but on the well-founded belief that national interests are thereby advanced, and that even if we benefit others by an enlightened policy, we are ourselves richly rewarded."


BK: Sounds interesting, especially if it was the standard of its day. Even more interesting is the fact that many defenders of the free market find it necessary to discredit other advocates of the free market who do not have the same foundational beliefs. Open discourse will involve disagreement. However, it is one thing to argue a counter point and another simply to brush off other theories as abstract or vague. Ad Hominem is a falacy no matter who commits it.