Observances...Tariffs

Let’s return to the fascinating subject of the dismal science, economics and particularly the subject of tariffs. I know most people would rank this subject behind colonoscopy procedures on the interesting scale. However, this is a topic that has caused armies to march and empires to fall.

Tariffs are like sales taxes on foreign products that raise the prices of those products allowing domestic producers to also raise their prices. This was one of the items that help produce additional acrimony between the North and the South before the Civil War. The North had a high tariff on manufactured goods resulting in higher prices in the agricultural South causing capital to transfer to the North with each purchase.

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