Protectionism: The -Ism Which Teaches That Waste Makes Wealth is a book written by William Graham Sumner in 1885. The book is a critique of protectionism, which is the economic policy of shielding a country's domestic industries from foreign competition by imposing tariffs on imported goods. Sumner argues that protectionism is based on a flawed understanding of economics and that it ultimately harms the economy by creating inefficiencies, reducing...