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PREFACE

future trade, make a speedy return to normal industry after the war more difficult for every nation, belligerent or neutral.

The greater part of my argument concerns itself with a discussion of the economic results which would flow from the attempt to apply in practice the proposals of the New Protectionism. But in a concluding chapter I sketch the outlines of a constructive policy of "The Open Door," a rational alternative to the destructive policy of the New Protectionists, and designed to promote co-operation instead of conflict between the Governments of the commercial nations and the business groups who chiefly mould their foreign policy.

A portion of the argument was published recently in a series of articles in the Manchester Guardian, to the proprietors of which I am indebted for permission to make this further use of them.

J. A. HOBSON.

Hampstead,

June 24, 1916.

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