Taxation is extraction of wealth from your own population. This is self defeating because economics is subtractive. Even if it wasn't stealing from your own, it'd still be a bad idea.
Tariffs, and several other things in history besides(like the Roman habit of pillaging nearby countries), are extraction of wealth from foreigners.
Yes that's the point. Making foreign goods more expensive means that the price of said goods increases, incentivizing domestic goods. The ideal scenario is one in which foreign products are largely unviable.
Which is understandable from a protective stance, but the harsh reality we saw was government tariffs making it so it was just cheap enough for purchases to continue which increased government income at the time.
Which isn't especially relevant.
Taxation is extraction of wealth from your own population. This is self defeating because economics is subtractive. Even if it wasn't stealing from your own, it'd still be a bad idea.
Tariffs, and several other things in history besides(like the Roman habit of pillaging nearby countries), are extraction of wealth from foreigners.
You forget that tariffs are paid by the consumer, not the producers.
Yes that's the point. Making foreign goods more expensive means that the price of said goods increases, incentivizing domestic goods. The ideal scenario is one in which foreign products are largely unviable.
Which is understandable from a protective stance, but the harsh reality we saw was government tariffs making it so it was just cheap enough for purchases to continue which increased government income at the time.
That's because elastic demand is very real for most goods. Which isn't necessarily a bad thing either.