Editing David Ricardo (section)

=== Protectionism ===
Like Adam Smith, Ricardo was an opponent of [[protectionism]] for national economies, especially for agriculture. He believed that the British "[[Corn Laws]]"—imposing tariffs on agricultural products—ensured that less-productive domestic land would be cultivated and rents would be driven up {{harv|Case|Fair|1999|pp=812, 813}}. Thus, profits would be directed toward landlords and away from the emerging industrial capitalists. Ricardo believed landlords tended to squander their wealth on luxuries, rather than invest. He believed the Corn Laws were leading to the stagnation of the British economy.<ref>Letter of Mill cited in ''The works and correspondence of David Ricardo : Volume 9, Letters July 1821–1823'' (Cambridge, UK, 1952)</ref> In 1846, his nephew [[John Ricardo|John Lewis Ricardo]], [[Member of Parliament (United Kingdom)|MP]] for [[Stoke-upon-Trent (UK Parliament constituency)|Stoke-upon-Trent]], advocated [[free trade]] and the repeal of the Corn Laws.

Modern empirical analysis of the Corn Laws yields mixed results.<ref>{{Cite journal |doi=10.1016/0014-4983(90)90007-L |title=The impact of the Corn Laws just prior to repeal |journal=Explorations in Economic History |volume=27 |issue=2 |page=123 |year=1990 |last1=Williamson |first1=J. G.}}</ref> Parliament repealed the Corn Laws in 1846.