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economic groups. It would be easier for the Allies, with their empires, to make of themselves a wholly self-contained economic system than for the Central Powers. But this is not the real problem. It ignores the importance of the neutral world, and the processes of "roundabout" trade. If the effect of tariff walls round Great Britain, the Empire, and the Alliance, is to make our trade relations with the neutral countries more difficult, and the trade relations of Germany with the neutral countries easier, the net result may be damaging and dangerous. Now, this is precisely what would happen. Neither the British Empire nor the larger system of the Alliance can supply all their economic needs from their own territory. They must continue to be dependent on import and export trade with neutral countries, especially in North and South America, for important foods and raw materials essential to their vital industries. Although the Empire furnishes a large share of our imported foods, more comes