Commerce, Markets, and Peace: Richard Cobden’s Enduring Lessons
By Edward P. Stringham
This article appeared in the Summer 2004 issue of The Independent Review

Many conservative advocates of market-based economics passionately support a large military, while many opponents of a large military oppose markets. Nineteenth-century classical liberal Richard Cobden, however, maintained that the military and the market were substitutes: more military entails less market.

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