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THE NEW PROTECTIONISM

possible, that this commercial and developmental work shall in the future be conducted on a basis of pacific co-operation between the business groups in the respective countries under the joint control of their Governments.

This process of economic penetration and expansion cannot stop. As more nations advance farther along the road of capitalist industry, the overflows of trade and capital, seeking more distant and more various fields of enterprise, will be stronger in their pressure. This pressure has been the driving force in the modern Imperialism of the Western nations, stimulating them to discover "spheres of legitimate aspiration," "spheres of influence," "protectorates," "colonies," "places in the sun," and forcing their Governments into dangerous situations. The process cannot stop. But it may be possible to extract from it the poisonous sting of international rivalry. Why should not these necessary economic processes of expansion and development be carried on by pacific international arrange-

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