Despite their image as free traders, six leading British classical and neoclassical economists formulated a valid theoretical argument for tariffs. They showed that a suitably small tariff could, under certain conditions, benefit the levying country by improving its terms of trade. They also...

Douglass North earned a share of the 1993 Nobel prize for economics for two decades of research that culminated in the development of an innovative framework for analyzing economic history. This review essay discusses the book that most comprehensively presents North's paradigm, which...