Ten Recurring Economic Fallacies, 1774–2004
Never in the history of our country have corporations, Wall Street financiers, bond holders, and other large capitalists, as a class or interest, favored a policy of economic liberty and nonintervention by government. They have always favored some form of mercantilism.The merchants and ship-owners of maritime New England put up a good fight for free trade and sound money in the early years of the republic, and the New York City bankers in the nineteenth century were conservative Democrats who supported free trade, low taxes, sound money, and the gold standard. But these were exceptions.
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