"Roy Basler, the editor of Lincoln’s Collected Works, commented that Lincoln barely mentioned slavery before 1854, and when he did, ‘his words lacked effectiveness’" (pp. 54–55).
As DiLorenzo ably argues, Lincoln’s real concerns lay otherwise. Throughout his political life, he enlisted under the banner of Henry Clay’s "American System." Proponents of this plan favored a strong central government in order to promote economic development. In classic mercantilist fashion, Clay and his supporters wanted the government to direct the economy through spending on "internal improvements," high protective tariffs, and a nationalized banking system.
Our author does not confine himself to a mere description of Lincoln’s economic goals. He is an economist of distinction and readily locates the fallacies in these interventionist programs. As one would expect from someone trained in both public choice and Austrian economics, he at once seeks the self-interested motivations behind policies that profess to secure the national good. "[P]rotectionism . . . was a means by which a government could dispense favors to well-connected (and well-financed) special interest groups, which in turn provided financial and other support for the politicians dispensing the favors. It benefits both those industries that are protected from competition and the politicians, but it harms everyone else. . . . The same can be said for another element of mercantilism—tax-funded subsidies to politically well-connected businesses and industries. These subsidies generally benefit only those businesses that are lucky enough to get them, at the expense of the taxpayers generally" (pp. 56–57).
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