The concurrence of virtuous individuals, and the combination of economical societies, to rely, as much as possible, on the resources of our own country, may be productive of great national advantages, by establishing the habit of industry and economy.
George Washington
This statement by George Washington emphasizes the importance of self-reliance and domestic resource utilization for the benefit of the country. He suggests that if virtuous individuals and economic societies work together to rely on their own resources, it can result in great national advantages.
One of the key benefits of this approach is the establishment of the habit of industry and economy. When people become accustomed to utilizing their own resources and working together towards a common goal, it can lead to increased productivity and efficiency. Moreover, it can also foster a sense of pride and ownership in one’s country and its resources.
Relying on domestic resources can lead to greater stability and security for the nation and its economic wellbeing. By reducing dependence on foreign imports and investments, a country can insulate itself from external economic shocks and fluctuations from economic issues abroad.
With that in mind, it is also important to note that complete self-reliance may not always be possible or desirable. In some cases, it may be more cost-effective or efficient to rely on foreign resources or expertise. Additionally, international trade can provide opportunities for growth and development that may not be available otherwise.
While it is a benefit to use domestic productivity whenever possible, sometimes international trade can be a benefit. However, relying too much on a single producer, i.e. China, it can have a negative impact on the stability of our own economy.
So, what does George tell us? If your eggs are going to be in one basket, you need to own the basket.
