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Question: What were Adam Smith's ideas concerning FOREIGN TRADE in The Wealth of Nations!?
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Adam Smith’s support of free trade seemed contingent on several things!. He supported the Acts of Trade and Navigation, requiring British goods to be sent on British ships manned by British sailors!.



The merits of tariffs

He believed that tariffs serve a useful purpose!. He expressed caution when a nation contemplates lowering tariffs, for an immediate and precipitous reduction could throw large numbers of people out of work!.


And he expressed little caution about temporary retaliatory tariffs when one nation had erected major barriers against another to harm that nation!.


“The recovery of a great foreign market will generally more than compensate the transitory inconveniency of paying dearer during a short time for some sorts of goods,” he wrote!.

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