Domestic Economics Intertwined with Domestic Politics: Possibilities of Revival To "Lloyds Bank Monthty Revie for June Mr. D. Graham Hutton has contributed a" remarkable article entitied "Our Economic' Discontents?" article ts of such importance that tt ts reproduced here in two te frst, appearing tond have ted up to the hig next" artiste to transport, trade and That the whole world Is fast the tolls of a crisis which far trans-ends economic confines, few would gainsay, Tt is vexed with political and economic problems, the solutions of which lie not within the scope ff single countries to " accomplish 'The signs are plain, in the West as inthe East, in Asia as in India, 'Africa, America: anxiety for the future' of familiar. institutions—pro~ perly, religion, form of government, the family, the nation, peace and war; radical changes In creeds, eust toms, conventions, standards of liv. ing, and in the nature of mental and physical labour; the cessation of the growth of Western populations and the close advent of declining popu-Tntions; the impinging of Western civilization and ils technique of production, und war, upon non-Western peoples; the growing inter-dependence and Inter-communicability the regions of the globe; and the sudden uprush of economic and political nationalism again; these are the stigmata of a great transition.
In a world so grievously distraught with political feats and economic anxieties, a world frenziedly engaged in damping down its economic potentilities Into narrow national con-dults, can any remedies of general feMeay be devised and carried out by collective reason? Or must the separate nations spin their own threads of destiny? Benjamin Frank-said: "It we do not hang together, we shall assuredly hang. separately." If the nations want to hang together in this vastly Interest ug transitional epoch, what measures can be collectively devised and ex-ceted to facilitate the transition?
Later we propose to set forth ten tative answers to these vexed ques. Mons—answers, It is to be hoped, of some practical import, But at the outset It behoves us to look backward before looking around at the world and to look around before Brceatiae ae a ie iors Sree nei rag Seal nat Wray before Who first "onsiughis of Brett ce eras pneiay nice meat Bath a eae ese ar i tear Pate Bead ihe etna nations deliberately sot out, as do to-day, to be as economically grimeing as possible. For in the seventeenth and eighteenth, and most fof the nineteenth centuries, the importance of the balance of payments opposed to the balance of trade, and of the balance of trade as op~ posed to the mere securing of bullion fand coin for a "war-chest," was fully Yealized. Tt has been reserved for the neo-Morcantilists of our uncertain age to rummage in mediseval brick @rbrae and to deck out the old bullion mercantilism with "Just so" stories about the national nature of modern productive technique After the Napoleonic wars, Eng-Jand alone wanted freer trade, France feared English manufactures. Prus-la laid the economic foundations of modern Germany in the Zoliverein, imbued with the economic ideas of Fiehte and the nationalistic fervour berated by Hegel. But the fine frenzy of liberal nationalism which swept away the Metlernich system in Europe in the revolutions of 1048 was an international liberalism as well, based on international -principles: the self-delormination of small peoples, representative government, and the greatest good of the greatest number, Tt was not until the milit-fry. nationalism of Bismarek's Prus ala had separately defeated Denmark, Austria-Hungary and France, that the new German Reich of 1871 frst attacked that liberal principle of free commerce which had triumphed Cobden's Anglo-French treaty of 1000, Free trade lasted until 1674 and 1878, when the new German' tariffs, quickly followed by higher tariffs in Austria-Hungary and Russia, _un-Toosed a wave of Industrial protectionism which carried France away from free trade, "The national system of political economy," the title Friedrich Lists's dissertation, gies kt Greet See Gcie & opes 'a3 in the case of American shipping.
Roth, Soon, Soc Cee, Shit (ce cts Soe, eet cue Het it ret Gracie tie tae against Adam Smith in 1048, came into its own a generation after its publication.
Vested Interests Thus, a halt was soon called in the nineteenth century development of the world's resources. Tt was called by vested Interests. Not merely, be noted, by the vested interests of private capitalists; but by the prow {essed interests of whole nations, and the professional economic interests of peasants or farmers, and industrial workers, Sepa cine ere ce If we merely note, in passing, the 'There' were vested interest in the agriculture of States already highly Industrialized; in the infant industries of States already highly specialized in the production of primary Beet ie ter era transfers of debt-services would not be accepted by creditors in goods
Text read from the printed page and cleaned; old type leaves the occasional error.