Meaning: This quote by Henry Carey, an American economist and advocate of protectionist economic policies, reflects his view on the role of protectionism in shaping the economic and social fabric of a country. Carey was a prominent figure in the mid-19th century and was known for his support of economic nationalism and protectionist measures to safeguard domestic industries.

The quote suggests that the level of protectionism in a country has a direct impact on its tendency towards either freedom or slavery. In this context, "protection" refers to the government's implementation of policies such as tariffs, subsidies, and trade restrictions to shield domestic industries from foreign competition. Carey believed that when protectionist measures were efficient, they contributed to the country's freedom and prosperity. Conversely, when protectionism was inefficient or lacking, it led to economic vulnerability and potentially even social degradation akin to slavery.

Carey's perspective on protectionism can be understood within the historical context of the United States during the 19th century. At the time, the country was grappling with the competing ideologies of free trade and protectionism. The quote reflects Carey's advocacy for a strong protective tariff to nurture and support domestic industries, which he believed would lead to economic independence and freedom from reliance on foreign goods.

The notion of "freedom or slavery" in this quote can be interpreted in economic terms. Carey likely saw economic freedom as the ability of a nation to sustain its own industries, provide employment for its citizens, and generate wealth internally, rather than being dependent on external sources for essential goods and services. In contrast, economic slavery could be seen as a state of dependence on foreign powers for economic sustenance, leading to vulnerability and potential exploitation.

Carey's views on protectionism were shaped by his belief in the importance of economic self-sufficiency and the development of a nation's productive capacity. He argued that protectionist measures could bolster domestic industries, create employment opportunities, and stimulate economic growth. In his view, a country's ability to protect and nurture its own industries was crucial for its economic and social well-being.

It's important to note that Carey's ideas on protectionism were influenced by the historical context in which he lived. The mid-19th century was a time of rapid industrialization and global trade expansion, and debates over economic policy were central to the political and economic discourse of the era. Carey's advocacy for protectionism reflected the concerns of American industries facing competition from European manufacturers and the desire to establish a strong and independent national economy.

In conclusion, Henry Carey's quote underscores his belief in the pivotal role of protectionism in shaping a nation's economic and social trajectory. The efficiency of protectionist measures, in his view, directly correlated with a country's tendency towards either freedom or slavery. While Carey's ideas were rooted in the specific historical context of the 19th century, they offer insight into the enduring debate over the impact of protectionism on national economies and the pursuit of economic autonomy.