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We are all inches from the ground

Inches from the ground

Alexander Hamilton

11 trade policies to make and keep America strong.

1.  “Protecting duties.” (Tariffs.)
2.   “Prohibition of rival articles or duties equivalent to prohibitions.” (Outright import bans.)
3.   “Prohibition of the exportation of the materials of manufactures.” (Export bans on industrial inputs, car parts and machine parts)
4.   “Pecuniary bounties.” (Export subsidies, like those provided today by the Export-Import Bank and other programs.)
5.  “Premiums.” (Subsidies for key innovations. Today, we would call them research and development tax credits.)
6.  “The exemption of the materials of manufactures from duty.” (Import liberalization for industrial inputs, so some other country can be the raw materials exporter.)
7.  “Drawbacks of the duties which are imposed on the materials of manufactures.” (Same idea, by means of tax rebates.)
8.  “The encouragement of new inventions and discoveries at home, and of the introduction into the United States of such as may have been made in other countries; particularly those, which relate to ma- chinery.” (Prizes for inventions and, more importantly, patents.)
9.  “Judicious regulations for the inspection of manufactured  commodities.” (Regulation of product standards, as the USDA and FDA do today.)
10. “The facilitating of pecuniary remittances from place to place.” (A sophisticated financial system.)
11. “The facilitating of the transportation of commodities.” (Good infrastructure.)