The dispute between liberalism and protectionism is analysed on two levels: theoretical and practical. First, there is the conflict between A. Smith's liberalism and F. List's economic nationalism. Over the years, Milton Friedman and James Tobin became leaders of opposing camps. The cutting edge of the debate has been blunted, but the remaining bones of contention are still micro and macro issues of national and international economy. The global conflict between liberalism and protectionism has for now ended in a stalemate between regional liberalism and global protectionism.