Meaning: The quote by Henry Carey, an American economist, reflects his belief in the benefits of protectionism for a country's economy. Carey was a prominent advocate of protectionist policies as a means of promoting domestic industries and fostering economic growth. In this quote, he specifically refers to the United States as a country where protectionist measures have historically been in place and argues that these policies have made the US the best customer that England has ever had.

Carey's assertion that the US is the best customer England has ever had under protectionism is a bold claim that merits further exploration. To fully understand the implications of this statement, it is important to consider the historical context in which Carey was writing. During the 19th century, when Carey was active, the United States was experiencing rapid industrialization and economic development. Protectionist policies, such as tariffs on imported goods, were commonly employed to shield American industries from foreign competition and to stimulate domestic production.

Carey's argument rests on the idea that protectionism has contributed to the growth and stability of the US economy, thereby increasing its capacity to consume goods and services from other countries, including England. By protecting domestic industries from foreign competition, the US was able to nurture and expand its manufacturing base, leading to increased employment, higher wages, and greater overall prosperity. This, in turn, created a larger market for goods, both domestically produced and imported, benefiting trading partners such as England.

The notion that protectionism can lead to a country becoming a better customer for other nations aligns with the theory of comparative advantage in international trade. According to this theory, countries benefit from specializing in the production of goods and services in which they have a comparative advantage, and then trading with other nations to obtain goods and services in which they are less efficient. In the context of Carey's quote, the implication is that protectionist policies have allowed the US to develop and enhance its comparative advantage in certain industries, making it a more attractive market for goods produced in England.

However, it is important to note that Carey's views on protectionism have been subject to debate and criticism. While he argued that protectionist measures were essential for promoting economic development and ensuring a favorable balance of trade, opponents of protectionism have contended that such policies can lead to inefficiencies, higher consumer prices, and retaliation from trading partners. The debate over the merits of protectionism versus free trade continues to be a contentious issue in economics and policy-making.

In conclusion, Henry Carey's quote reflects his belief in the benefits of protectionism for a country's economy, particularly in the context of the United States as a major customer for goods from England. The quote underscores the idea that protectionist policies can contribute to the growth and stability of domestic industries, leading to increased demand for goods and services from other countries. However, it is important to consider the broader implications and ongoing debates surrounding protectionism and its impact on international trade and economic development.