ABSTRACT
THE PRINCIPLES laid down in the last chapter are valid only when applied to a country which has just started to impose import duties to protect its industries. The position of a country which already safeguards its industries by prohibitions but proposes to change to the policy of protection is quite different. In view of the fundamental principles already discussed it is clear that a sound tariff should be instrumental in promoting the stability of the economy. Any sudden violent change in the rate of duties, however well-intentioned, would be most imprudent and contrary both to natural justice and to the welfare of society.
