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THE NEW PROTECTIONISM

business control, in order to strengthen herself for another war of conquest, would a tariff be of any use to us, either for stopping the execution of the project or for assisting us to meet its menace?

Tariff arrangements among the Allies for the virtual boycott of the Central Powers, so far from hindering the formation of this "Middle Europe," would do everything to help it. Its advocates are already pressing upon its opponents the same argument which our Protectionists urge, viz., the need for an economic union of "defence" against the economic war we propose to wage. If we announced prohibitive duties on German-Austrian goods, with accompanying restrictions upon shipping, finance, and other economic intercourse, an immense incentive would be given to the accomplishment of the German scheme. Deprived of so large a section of the world- market, these nations would be forced partly into better organization of their common resources, partly into stronger pressure upon neutral markets both

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