Adam Smith's theory of trade from 1776, though capitalist in nature and groundbreaking in itself, was flawed. It was a theory of absolute advantage rather than comparative advantage, the basis of free trade today. That latter concept was developed in the 1810's by David Ricardo. So put simply, Adam Smith was wrong about that one.
Your premise (that foreign trade in and of itself was good) is wrong.
Much to the contrary. It is a mathematical and economic fact that countries operating under a system of free trade achieve greater welfare as a whole than if that same country were to operate under a system of legally imposed barriers against trade.
I would also note for the record that your premise (that the model of an economy based on the manufacturing of goods is necessarily the best economic model for all regions everywhere and that, as a model, it is superior to economies of other concentrations) is itself a venture in the absurd. Free markets determine how economies develop. It does not come from some central command that has predetermined a certain economic concentration to be better than others and in doing so decided that that one concentration should be made to fit all.
As the south's own experience proved, lack of economic diversity yeilds dependence on others for basic needs.
Not necessarily. The south operated in its area of comparative advantage and that functions for the best of any model available as long as free trade is permitted. The south sought to permit that free trade and was denied it only by an act of military agression by their northern neighbor to prevent them from enjoying its benefits. As Frederic Bastiat famously noted, when goods do not cross borders, armies will.
-Yes, thats why the south was so dependent on the north for finished goods.
Actually, Europe would have likely been the provider of finished goods absent a war, as the northern tax policy after 1860 severely inhibited any trade with them from abroad. And on the same note, the north and europe were dependent upon the south for agricultural raw materials because neither had comparative advantages in that sector. That is why European states almost offered support to the confederate cause. It is also why the north experienced economic shortages of southern raw materials itself during the war. Trade is a two way street, you know.
Even the British ships would stop in northern ports first
Not after 1860, they wouldn't. The Morrill Tariff virtually killed off northern trade with Europe after barely a year.
Were you asleep during economics in college?
Much to the contrary as I minored in the field with a specialization in trade policy. You on the other hand appear to have slept soundly as you are peddling nothing more than an antiquated mixture of problematic trade theories, illegitimate tariff arguments, and 19th century mercantilism.
From the experience of all ages and nations, I believe, that the work done by free men comes cheaper in the end than the work performed by slaves.
That is a generally sound economic theory of Smith's, but it is of another issue than trade. It says little of the tariff issue and instead best resembles an attempt by you to throw in that infamous red herring to artificially distract from an otherwise economically clear situation of free trade versus trade barriers.
Lol! The concepts you peddle are being debunked right here on this forum.
If you honestly believe that your mercantilist rantings in defense of the inexcusable northern tariff policy are debunking the very same capitalist concepts that supplanted them 200 years ago, you are sadly mistaken. In fact, I would argue that such judgments on your part provide reason to question the health of your perception skills or, at minimum, your willingness to see that which you do not like but nevertheless remains there.
I'll take free labor economics over slave labor economics every time.
For the labor policy of an economic system, I will agree. But economies are much more than labor systems which, contrary to Karl Marx, are but attributes of any given economy.
I'll take Adam Smith and "Made in America"
Adam Smith was Scottish. America existed only in the latter end of his life.
over Ricky Ricardo and "Made in Communist China"
Ricky Ricardo was a cuban singer on a tv show. David Ricardo was a capitalist economist from Britain in the early 19th century. Communist China did not exist at the time he lived.
It is a mathematical and economic fact that countries operating under a system of free trade achieve greater welfare as a whole than if that same country were to operate under a system of legally imposed barriers against trade.
The supremist south of 1860 was not interested in the good of the whole country, just its own section. Lets use one simple example from that era to illustrate my point. In 1856 when southern Democrats LOWERED tariffs and added goods to the Free List, the industrial sector of Great Britian quickly undercut American producers of iron for the railroad. This quickly led to the recession (some say depression) of 1857, and the early rise of the Republicans in 1858.
But since we're mixing the past with the present lets use another simple modern example. According to you it is better to buy all our mechandise today from Communist China (just because its cheaper,) than it is to protect our domestic industries, or trade with countries whose comittment to democracy we wish to support. So what if China uses prison labor, or persecutes christians, etc.
Protective tariffs are very much part of capitalist economic theory, and are rational in many different situations. Furthermore, it was rational for mid 19th century America to be mildly protective of its fledgling major industries. But the supremist south with its backward single commodity ecomony and its eyes on other countries land and resources, wasn't interested in trying to achieve greater welfare as a whole, was it?
When you look at the deep south today, its funny how strong those confederates states are toward protection of their sugar subsidies, their textile industry, etc.. Why don't you preach some of that Ricardo theory to them? Tell'em Jeff Davis said it was a good idea. (Lol).