Douglas A. Irwin is Professor of Economics at Dartmouth College. He is the editor of Jacob Viner: Essays on the
Intellectual History of Economics (Princeton).
Review
"Against the Tide...reviews thinking on free trade from ancient times to the present day. It is encyclopedic
in its scope, yet it is very well written and accessible to nonspecialists, fair to the critics of free trade while
leaving no doubt that the author finds their argument fatally flawed."
--Bruce Bartlett, The Wall Street Journal
"Few economic debates have raised more emotion over the last two centuries than that between the champions
of free trade and the advocates of protectionism. Irwin chronicles this controversy in great detail. . . . The
debate is still very much alive todayfrom EEC to NAFTA, to the campaign rhetoric in this year's presidential primaries."
--Publishers Weekly
"An entertaining, informative account of the emergence of the concept of free trade ... full of new insights
and unexpected delights.... A work that is not only interesting and inspiring but of great practical use."
--Paul Krugman, Journal of Economic Literature
"Against the Tide is an impressive intellectual achievement. As the history of an economic idea, it pays less
attention to the political and economic setting in which different theories were promoted than to their analytical
rigour.... A delightful as well as an educational read. It should be a set text for anyone interested in trade
policy."
--The Economist
"This is a useful and valuable book that brings together a wide range of historical arguments for and against
free trade. It may keep many an analyst of trade policy from the need to reinvent the wheel."
--Jerry Z. Muller, Catholic University of America
From the Publisher's Web Site, Sept., 2002
Summary
About two hundred years ago, largely as a result of Adam Smith's Wealth of Nations, free trade achieved an intellectual
status unrivaled by any other doctrine in the field of economics. What accounts for the success of free trade against
then prevailing mercantilist doctrines? And how well has free trade withstood various theoretical attacks that
have challenged it since Adam Smith's time? In this readable intellectual history, Douglas Irwin explains how the
idea of free trade has endured against the tide of the abundant criticisms that have been leveled against it from
the ancient world and Adam Smith's day to the present. An accessible, nontechnical look at one of the most important
concepts in the field of economics, Against the Tide will allow the reader to put the ever new guises of protectionist
thinking into the context of the past and discover why the idea of free trade has so successfully prevailed over
time. Irwin traces the origins of the free trade doctrine from premercantilist times up to Adam Smith and the classical
economists. In lucid and careful terms he shows how Smith's compelling arguments in favor of free trade overthrew
mercantilist views that domestic industries should be protected from import competition. Once a presumption about
the economic benefits of free trade was established, various objections to free trade arose in the form of major
arguments for protectionism, such as those relating to the terms of trade, infant industries, increasing returns,
wage distortions, income distribution, unemployment, and strategic trade policy. Discussing the contentious historical
controversies surrounding each of these arguments, Irwin reveals the serious analytical and practical weaknesses
of each, and in the process shows why free trade remains among the most durable and robust propositions that economics
has to offer for the conduct of economic policy.
Table of Contents
List of Illustrations
Acknowledgments
Introduction
Ch. 1 Early Foreign Trade Doctrines
Ch. 2 The English Mercantilist Literature
Ch. 3 The Emergence of Free Trade Thought
Ch. 4 Physiocracy and Moral Philosophy
Ch. 5 Adam Smith's Case for Free Trade
Ch. 6 Free Trade in Classical Economics
Ch. 7 Torrens and the Terms of Trade Argument
Ch. 8 Mill and the Infant Industry Argument
Ch. 9 Graham and the Increasing Returns Argument
Ch. 10 Manoilescu and the Wage Differential Argument
Ch. 11 The Australian Case for Protection
Ch. 12 The Welfare Economics of Free Trade
Ch. 13 Keynes and the Macroeconomics of Protection
Ch. 14 Strategic Trade Policy
Conclusion: The Past and Future of Free Trade
References
Index