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THE NEW PROTECTIONISM

pursuance of an expensive or risky foreign policy adapted to their trade ends, the good of the nation as a whole, represented by a weak, diffused and ill-sustained opposition to their strong, concentrated and persistent policy, is likely to go to the wall. This has been the story of the rise and progress of Protectionism in all the countries where it has made way in recent times.

The strong organized trades have waited for, fostered, and utilized, special political emergencies in the history of their country. Wars and their financial aftermath have been the most- favoured emergencies. The financial embarrassment wars cause to Governments, coupled with the reluctance of statesmen to resort to the unpopular methods of a heavy increase of direct taxation, have commonly afforded the opportunity to the waiting Protectionists. The modern Protectionist policy of the United States was a direct legacy of the Civil War. Before that event the United States tariffs had been tending towards Free

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