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this necessity of trade balance, there is no ground for the belief that, because Germany sells us directly more than she buys from us, she is the greater gainer. Our Protectionists speak of our "foolish generosity" in opening our markets to our enemy, who has built up her commercial prosperity upon our amiable weakness! But has any business firm or individual trader in this country bought from Germany except for his own gain? It never occurred to him that he was acting generously because he was buying where he reckoned to get the best value. The notion that export trade is worth more than import trade is nothing but a false exaggeration of the producer's standpoint.

Another form of the same error is contained in the belief that it would injure the Central Powers much more to be cut off from trade with the British Empire and the entire territories of the Alliance than for the latter to lose their trade with the Central Powers. This no doubt would be the case if the whole world consisted of these two