Tariffs and the Panic of 1857

We Austrian economists like to point to the Panic of 1857 as a perfect example of how the free market deals with financial panics absent government interference.  But, is that the whole story? Moreover, this history lesson has some important implications for President's Trump's newly-invoked tariffs on low-order goods like steel, aluminum and softwoods. A … Continue reading Tariffs and the Panic of 1857