Delivered as the Alfred M. Landon Lecture at Kansas State University.

Brochure summary:

If free trade is good, why is protectionism so popular? Part of the answer lies in a simple political principle--interests that are concentrated (those of the producer) are more politically effective than interests that are diffuse (those of the consumer). Protectionism does not create jobs or move goods; rather, it forces us to expend greater effort to get the goods we produce, since they cost more to produce at home than abroad. The balance of payments can take care of itself, provided we do not manipulate foreign exchange markets to put an artificial value on the dollar. The right solution is to dismantle systematically our own trade barriers and set an example for the rest of the world.

"The people who are harmed by [trade] protection are spread and diffused. Indeed the very language shows the political pressure. We call a tariff a protective measure. It does protect; it protects the consumer very well against one thing. It protects the consumer against low prices. And yet we call it protection."