Publisher's Synopsis
Excerpt from Labour's Political Economy: The Tariff Question
And here it may be well to speak more directly of 1the, dis, crepaney between Theory' and Practice which is so often affirmed in eennection with our general There are many whol think the them y of Free Trade the correct, or at any rate the more plausible one, but who yet maintain, be cause they, know by expe1 1enee that it fails practically of se suring the good it promises. Hence they rush to the conclu sion that a policy may be faultless in theory yet pernicious in practice, than which no idea can be more an oneous and per nieious. A good theory never y, et failed to vindicate itself in practical operation - never can fail to do se. A theory can only fail because it is defectivegunsound - lacks some of the elements which should have entered into its composition. In other words, the, practical working is bad only because the theory is no better.
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