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In Chapter 2, Book IV, ofThe Wealth of Nations, Adam Smith assesses the appropriateness of the policy of tariff retaliation or reciprocity. His deliberations are prefaced by a discussion of two rather innocuous cases that turn out to have very little to do with the main topic. In the first case it is advantageous "to lay some burden upon foreign, for the encouragement of domestic industry" (WN, p. 463) when that particular industry is necessary for the defence of the country. Smith's second case refers to the situation when some domestic tax is being imposed on a good produced at home. In this situation Smith believed it reasonable that an equal tax should be imposed on the same good when it was imported (WN, p. 465).

West keeps score of the continuing and growing inadequacies of the British student loan scheme to 1998 and shows how an income‐contingent loan could better satisfy its aims. He explores a common objection to any form of student loan scheme, that students pay for their university education through progressive income taxes. West shows how this argument falls short, and hence that some form of income contingent loan is required if equity and efficiency are to be satisfied.

With the Forster Act of 1870 the state look over the rode of financing and suppliying education in Britain when private schooling was growing rapidly. If it had not done so we would have been spared the unprecedented excess costs in taxation required to finance it today, and we would have had real choice in education.