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The Elgar Companion to Law and Economics, Second Edition

Edited by Jürgen G. Backhaus

This thoroughly updated and revised edition of a popular and authoritative reference work introduces the reader to the major concepts and leading contributors in the field of law and economics. The Companion features accessible, informative and provocative entries on all the significant issues, and breaks new ground by bringing together widely dispersed yet theoretically congruent ideas.
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Chapter 46: Friedrich List (1789–1846)

Arno Mong Daastöl


Arno Mong Daastöl Introduction Friedrich List was one of the earliest and most severe critics of the Classical school of economics, the tradition of the Physiocrats and Adam Smith. His theoretical system is an empirically oriented system, in the sense that he claimed it to be based on historical experience. It is none the less logical and therefore coherent. List is generally known as a proponent of a protectionist, nationalist economic policy and of railroad construction in the early nineteenth century. This is only correct from a superficial point of view, as his fundamental ideas were far wider reaching, dealing with questions such as the ultimate and immaterial basis of economics and of civilization, within a dynamic long-term, global perspective. List agreed with Smith on the desirability of global free trade. He claimed, however, that instant and radical free trade would lead to a monopoly under the strongest nation, technologically and economically. Other nations therefore had to be lifted up to the level of the leading nation in order to promote the potential wealth of the individual developing nations as well as the global common good. This had to be done gradually through legal and regulatory arrangements nationally and internationally. This would involve, among other instruments, limited and differentiated protection at home and international legal agreements. List may even be a greater free trader than his main adversary, Adam Smith, in the sense that List’s strategy would promote long-term competition to a larger degree than would Smith’s strategy,...

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