On the Relation of Imports to Exports: A Study of the Basis of a New National and Imperial Policy

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Longmans, Green and Company, 1916 - 148 ページ
On the relation of imports to exports--Foreign exchange, the bill of exchange.--National economics or empiricism?
 

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63 ページ - To prohibit by a perpetual law the importation of foreign corn and cattle, is in reality to enact, that the population and industry of the country shall at no time exceed what the rude produce of its own soil can maintain. There seem, however, to be two cases in which it will generally be advantageous to lay some burden upon foreign, for the encouragement of domestic industry.
47 ページ - The imagination of a boy is healthy, and the mature imagination of a man is healthy ; but there is a space of life between, in which the soul is in a ferment, the character undecided, the way of life •uncertain, the ambition thick-sighted...
12 ページ - Now Roman is to Roman More hateful than a foe, And the Tribunes beard the high. And the Fathers grind the low. As we wax hot in faction, In battle we wax cold ; Wherefore men fight not as they fought In the brave days of old.
63 ページ - As defence however, is of much more importance than opulence the act of navigation is, perhaps, the wisest of all the commercial regulations of England.
63 ページ - It is not impossible, therefore, that some of the regulations of this famous Act may have proceeded from national animosity. They are as wise, however, as if they had all been dictated by the most deliberate wisdom. National animosity at that particular time aimed at the very same object which the most deliberate wisdom would have recommended...
63 ページ - It is thus that every system which endeavours, either, by extraordinary encouragements, to draw towards a particular species of industry a greater share of the capital of the society than what would naturally go to it, or, by extraordinary restraints, to force from a particular species of industry some share of the capital which would otherwise be employed in it, is, in reality, subversive of the great purpose which it means to promote.
65 ページ - Manufactures, those of the finer kind especially, are more easily transported from one country to another than corn or cattle. It is in the fetching and carrying manufactures, accordingly, that foreign trade is chiefly employed. In manufactures, a very small advantage will enable foreigners to undersell our own workmen, even in the home market.
63 ページ - All systems either of preference or of restraint, therefore, being thus completely taken away, the obvious and simple system of natural liberty establishes itself of its own accord. Every man, as long as he does not violate the laws of justice, is left perfectly free to pursue his own interest his own way, and to bring both his industry and capital into competition with those of any other man, or order of men.
63 ページ - The act of navigation is not favourable to foreign commerce, or to the growth of that opulence which can arise from it. ... As defence, however, is of much more importance than opulence, the act of navigation is, perhaps, the wisest of all the commercial regulations of...
63 ページ - There seem, however, to be two cases in which it will generally be advantageous to lay some burden upon foreign, for the encouragement of domestic industry. The first, is, when some particular sort of industry is necessary for the defence of the country. The defence of Great Britain, for example, depends very much upon the number of its sailors and shipping. The act of navigation, therefore, very properly endeavours to give the sailors and shipping of Great Britain the monopoly of the trade of their...

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