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THE NEW PROTECTIONISM

injurious to the future of humanity. To break Europe into two hostile and rival economic bodies, intriguing against one another in all the neutral countries of the world, would be to endow with permanency the political system of contending alliances, which has been the chief cause of past insecurity. This political antagonism would be loaded with economic interests which, once established, would be very difficult to displace. The question of the just deserts of Germany and the desire to impose upon her economic punishment are not a real issue. For we have seen that the constitution and working of modern commerce are such as to disable Protection, or other modes of commercial severance, from inflicting any injury which does not equally recoil upon the party inflicting it. Nor are the private sensibilities and animosities of Britons who desire to have no commercial dealings in the future with Germany in question. No trading firm or individual in this country is precluded from putting into operation on his

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