Tariff Reform Employment And Imperial Unity

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Cobden was a visionary, his prophecies were all contradicted by facts. The prophecies of the modern doctrinaire Cobdenites are being contradicted by facts whenever they are tested by the experience of modern nations.
{n) "The prosperity of a nation can be gauged by the total value of its foreign trade, or more exactly by dividing the total value of its foreign trade by the number of its inhabitants, that is by the value of its exports and imports per head of the population. " This is one of the
... favourite dogmas of the Free Traders, and seems to comfort them greatly.
But, as has been shown on pp. 70-71, it is very misleading, and may be altogether misleading, unless allowance is made for two circumstances. The first is that whilst it is without doubt highly advantageous to a country that its trade in both exports and imports of certain commodities shall be as large as possible, it is equally certain that a large number of imports and some exports are disadvantageous to the best interests of the country.


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