James Monroe Quotes
We ought not to depend in the degree we have done on supplies from other countries
James Monroe, 1758-1831, 5th President of the United States (Democratic Republican, VA), First Inaugural Address, March 4, 1817
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This same argument was used before and since to justify protecting domestic manufacturing from foreign competition until it can mature sufficiently to compete in a global economy. One difficulty occurs if protective tariffs are imposed for this reason. The manufacturers protected never seem to reach the point where they can compete without the subsidy.
Earlier, Jefferson was opposed to manufacturing in America as factories were a social blight in Europe which he wanted to keep out of the United States. He felt that we could import whatever we needed from Europe and not have the evils of industrialization. However, with the War of 1812, the Barbary Pirates and his mellowing when no longer President, and his willingness to change his positions as he learned more, he issued this letter. See another the following year: {615634}. His was considered such an important change of position—today we would accuse him of a flip flop— that other journals and periodicals reprinted the letter and commented upon his change. Despite his changed position, most Americans believe that Jefferson was opposed to manufacturing and industrialization for his entire life—not just the first part.
Canada and the United States were the only allies who could handle WWII economically. In all fairness, there were no battles fought on North American soil and no loss of industrial or agricultural capacity.
It is interesting that the first national women’s political party was a strong advocate of protectionism and saw free trade as an unfair hurdle for mostly male workers. At the time, the Republicans were staunch protectionists, and the Democrats, the free traders thus illustrating that the major parties continuously flip-flop on major issues.
The United States had been running a large trade deficit with China.
James Monroe was an American statesman, lawyer, diplomat and Founding Father who served as the fifth president of the United States from 1817 to 1825. A member of the Democratic-Republican Party, Monroe was the last president of the Virginia dynasty; his presidency coincided with the Era of Good Feelings. He is perhaps best known for issuing the Monroe Doctrine, a policy of opposing European colonialism in the Americas. He also served as the governor of Virginia, a member of the United States Senate, the U.S. ambassador to France and Britain, the seventh Secretary of State, and the eighth Secretary of War.