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William Smart was the outstanding Austrian in England during his generation, a leading advocate of the marginalist school. But he was more than that: he was a dedicated champion of laissez-faire trade policy in the tradition of Cobden and Bright. He knew that the principles of free trade had to be explained in every generation. He did so in this series of passionate lectures first published in 1904. What's extraordinary is how they all hold up today. He addresses every common fallacy of protectionism, including dumping, revenue claims, infant industry, war sanctions, and a dozen other topics. This book should be included among the great trade classics, but it has been unfairly overlooked. This new edition brings his work into the public consciousness so that Smart's wisdom on trade can be part of the current-day understanding.