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as a whole but ranged in national groups and interests. Now, as we have already seen, the doctrine held in common by individualist free-traders and by socialists, that industry and commerce are, or should be, essentially processes of human co-operation in the benefit of which all must be sharers, is not the operative principle in the actual political economy of nations. In most industrial countries the statesmen correctly embody in their protectionist-imperialist policy the conviction of the great majority of business men that trade is essentially competitive in its international aspect, in the sense that the commercial progress and prosperity of other nations are injurious to our own. This doctrine, driven home, we showed to rest upon a belief, well-founded under existing conditions, that there was not enough market to keep everybody busy all the time. This belief we found inspiring the policy of ca' canny among workers, the organisation of trusts and combines for regulating output among employers, while it is alike the intellectual support of Protectionism in every country and the evident and avowed motive of Modern Imperialism. But the operation of the reparations policy is the most convincing evidence to-day, of the paralysing influence of the limited market. We simply cannot produce because Germany by the lower costs (i.e. sweating) we have forced upon her, occupies too much of this limited market. Our more enlightened financiers, economists, and statemen, are hastily fumbling round for means to expand this market, so as to make it possible for the idle mills, mines and workers to get to work. All the practical schemes turn on the creation of reliable credits, and