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History 20 Online
OpenStudy (16silly):

In his book The Wealth of Nations (1776), economist Adam Smith describes his free trade philosophy: “It is the maxim of every prudent master of a family, never to attempt to make at home what it will cost him more to make than to buy…If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy it of them with some part of the produce of our own industry, employed in a way in which we have some advantage." According to this quote, what measures should a government take to protect industry from foreign competition?

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