Page:The New Protectionism.djvu/25

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THE NEW PROTECTIONISM

CHAPTER I

THE REVIVAL OF PROTECTIONISM

The policy of Free Trade is based upon a reasoned belief that all commerce is an exchange between the goods or services of one person and those of another, this exchange being usually effected by two monetary transactions — an act of sale and an act of purchase. Both parties in such commerce are gainers from it, and their gains tend to be equal. The material advantage of this process is unaffected by the consideration that the two parties may be members of different political communities. The wider the area, the freer and more secure the nature of this intercourse, the greater is the net

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