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INTERNATIONAL TRADE

CHAPTER I

THE IMPORTANCE OF EXTERNAL TRADE

SINC

§ 1 INCE the end of industry is to place consumable

goods in the hands of consumers, the industrial prosperity of a nation is measured by the quantity of material and non-material goods of various sorts which are consumed by its members. The employment of capital and labour in the industrial arts, trades, and professions is to be regarded as a means to the production of commodities. The quantity of such employment cannot, however, be taken as a reliable index of industrial prosperity, for that country will be most prosperous which can secure through home industry or foreign commerce the largest number and variety of commodities for the smallest employment of capital and labour. Industrial progress, indeed, depends upon the economy of capital and labour. It is of the first importance to the understanding of the nature and uses of commerce to recognise that it

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