ABSTRACT
That the result of Protection is to enable would-be monopolists to make profit by raising their prices against the public is sometimes denied by Protectionists, On this point Mr. Balfour, speaking at Edinburgh, on October 3, 1904, gave a definition of Protection " in a nutshell," which could hardly be improved. Mr. Balfour said:
" The object of Protection is to encourage home industry. The means by which it attains that object is by the manipulation of a fiscal system to raise home prices. If the home prices are not raised, the industry is not encouraged. If the industry is encouraged, it is by the raising of prices. That is, in a nutshell, Protection properly understood."
