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refuse to buy abroad. Protectionism, however, in its most specious form, rests upon the belief, supported by appearances, in a limited market. Under such conditions a tariff is advocated as an instrument for exporting some of our unemployment. During a world depression it will not reduce the world aggregate of unemployment, but will shift some of it from the protected area on to others not so able to protect themselves.

But the largest, most positive and most disconcerting testimony to the belief in a limited market is furnished by imperialism, with its attendant armaments and its recurrent wars. It is needless to press the economic interpretation further than to cite the general admission, that the foreign policy of most great industrial countries has been directed in recent times more and more consciously to the acquisition of profitable foreign markets, and fields of investment and development for their nationals. Though other motives, such as love of power, and prestige of territorial acquisition, have marched with the economic motive, the latter has usually taken the lead and determined the direction and scope of activities. Merchants, financiers and investors have sought every where to engage the diplomatic and armed forces of their country to secure for them foreign markets and fields of investment upon favourable terms, or to safeguard those which they had obtained by their private adventure. This has taken shape chiefly in a political struggle for the acquisition of concessions, spheres of influence, protectorates and colonies, where a lucrative trade can be opened up