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Taken in conjunction with the other applications of the Open Door, this direct endeavour to give a positive construction to the principle of equality of opportunity would seem to he the most feasible and efficacious way of dealing with the gravest practical problem of our time.^[1]

This policy I present as the true alternative to the reactionary policy of economic nationalism urged by our New Protectionists in the name of defence. The true defence, the only possible security against future wars, is to extend and strengthen the bonds of economic and human intercourse between members of all nations, to remove the causes of economic antagonism which have hitherto bred dissension, and to substitute conditions of fair competition and fruitful co-operation. The issue is indeed a grave one. Are we to aim at breaking up the economic world into self-contained

1. ↑ A vigorous and well-informed advocacy of International Commissions is contained in Mr. Lippmann's "The Stakes of Diplomacy" (Henry Holt and Co.).